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Problem 20-11 Error correction; change in depreciation method [LO20-6] The Collins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,180,000. This cost included the following expenditures: Purchase price Freight charges Installation charges naintenance charge Total $1,970,000 42,000 32,000 136,000 $2,180,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2016 and 2017 In 2018, after the 2017 financial statements were issued, the company decided to switch to the straight-line depreciation method for this equipment. At that time, the company's controller discovered that the original cost of the equipment incorrectly included one year of annual maintenance charges for the equipment. Required: 1 & 2. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2018 and any 2018 journal entry(s) related to the change in depreciation methods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Event 1 Debit 76,500 Retained earnings Equipment 76,500 2 383,250 Equipment Accumulated depreciation 383,250 3 501,143 Retained earnings Accumulated depreciation 501,143