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Tianan Corp. acquired equipment in 20x1 for $180,000. Management instructed the accounting staff to depreciate the equipment on a 20% declining balance rate. In 20X3, as the year-end financial statements are being prepared, the chief accountant discovers that the equipment had been depreciated over the previous two years at 25% instead of 20%. Tianan's income tax rate is 30% Required: 1. Calculate the amounts of the adjustments that should be made to opening retained earnings in the comparative statements of changes in equity for each of 20X1 and 20x2. Retained Earnings 20X1 20X2 2. Provide the 20x3 entries to record 20x3 depreciation and to correct the previous years' error (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Vinw transaction et Journal entry worksheet 1 2 Record the entry to correct the previous year's error Note Enter debits before creditu General Journal Dobit Dato 20x3 Credit Retained Earnings 20X1 20X2 2. Provide the 20x3 entries to record 20x3 depreciation and to correct the previous years' error (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 > Record the entry to correct the previous year's error Not Enter det before credits Date General Journal Dehit 20X3 Record entry Clear entry View general journal