Chem-Lite Incorporated, maintains its accounts on the basis of a fiscal year ending March 31 . At March 31,201, the Equipment account in the general ledger appeared as shown below. The company uses straight-line depreciation, a 10 -year life, and 10 percent salvage value for all its equipment. It is the company's policy to take a full year's depreciation on all additions to equipment occurring during the fiscal year, and you may treat this policy as a satisfactory one for the purpose of this problem. The company has recorded depreciation for the fiscal year ended March 31, 20X1. Upon further investigation, you find the following contract dated December 1, 20X0, covering the acquisition of equipment: Required: Prepare the adjusting entries you would propose as auditor of Chem-Lite Incorporated, with respect to the equipment and related depreciation accounts at March 31, 20X1. (Assume that all amounts given are material.) (If no entry Is requlred for a trensectlon/event, select "No journal entry requlred" In the flrst occount fleld. Round your Intermedlate computations to the nearest whole dollar volue.) Journal entry worksheet B Record the entry to correct the entries to the Equipment account for the payments on the installment contract originating on December 1,200. Requlred: Prepare the adjusting entries you would propose as auditor of Chem-Lite Incorporated, with respect to the equipment and related depreciation accounts at March 31, 20X1. (Assume that all amounts given are material.) (If no entry ls requlred for a transectlon/event, select "No journal entry requlred" In the flrst account fleld. Round your Intermedlate computations to the nearest whole dollar value.) Journal entry worksheet Record the entry to correct the depreciation taken the equipment purchased under the installment contract originating on December 1,200. Note: Enter debits before credits