In 2017, Bonita Corporation discovered that equipment purchased on January 1, 2015, for $49,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Bonita uses straight-line depreciation. Prepare Bonita’s 2017 journal entry to correct the error.
In 2017, Bonita Corporation discovered that equipment purchased on January 1, 2015, for $49,000 was expensed at
that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Bonita uses straight-line depreciation.
Prepare Bonita’s 2017 journal entry to correct the error.
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