Twice the word co-equal is used by Joseph Smith. Once in this paragraph, and again in the next paragraph ("There never was a time when there were not spirits; for they are co-equal with our Father in heaven"). 10th LDS President Joseph Fielding Smith, recognizing that such a teaching could not be true, blames this on an imperfect record. He excuses this error by saying, "This illustrates the imperfection of the report made on the sermon. For surely the mind of man is not co-equal with God except in the matter of its eternity." (Teachings of the Prophet Joseph Smith, pg. 353, footnote).
Smith's conclusion is refuted by the fact that three of the four scribes record Smith as saying co-equal. Stan Larson, in his artlcle entitled "The King Follett Discourse: A Newly Amalgamated Text," confirms that William Clayton, Wilford Woodruff, and Willard Richards all record Smith as saying co-equal. Thomas Bullock's notes have him saying the mind of man is as "immortal as God himself" and that "their Spirits coexisted with God." (BYU Studies, Vol. 18, No. 2, p.195,196).