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In 2014 bailey corporation discovered that equipment

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In 2014, Bailey Corporation discovered that equipment purchased on January 1, 2012, for $45,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 31%.

Prepare Bailey's 2014 journal entry amounts to correct the error.

***Please show work. I have listed the accounts below. Thank you.

Account Titles                Debit                  Credit

Equipment

Deferred Tax Liability

Retained Earnings

Accumulated Depreciation - Equipment

Reference no: EM13570406

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