DE10-6 Vantas Airways repaired one of its Boeing 767 aircraft at a cost of $750,000. which Vantas paid in cash. Vantas erroneously capitalized this cost as part of the cost of the plane. 1. Journalize both the incorrect entry the accountant made to record this transaction and the correct entry that the accountant should have made. 2. Show the effects of the accounting error on Vantas Airways' income statement and bal- ance sheet, using the format illustrated on page 392.