At the end of 2019, while preparing its financial statements, Shamrock Ltd. discovered an error in its accounting records. A truck with an original cost of $12,000, a service life of 4 years, and a...

At the end of 2019, while preparing its financial statements, Shamrock Ltd. discovered an error in its accounting records. A truck with an original cost of $12,000, a service life of 4 years, and a residual value of $3,200 was expensed when it was purchased at the beginning of 2018. The company was subject to an income tax rate of 40%. Shamrock used the straight-line method of depreciation for vehicles and follows ASPE.


Prepare the journal entries to correct the error and record depreciation for 2019.

(To record correction of prior year error.)

and

(To record depreciation expense.)