collins corporation

Collins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $1936,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $1,750,000 23,000 13.000 120,000 $1,936.000 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. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2018 2. Ignoring income taxes, prepare any 2018 journal entry(s) related to the change in depreciation methods Complete this question by entering your answers in the tabs below. Required 1 Required 2 s tron wy entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2018. (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 Record the correcting entry for the equipment capitalization error discovered in 2018 Note: Enter debits before credits. Event General Journal Debit / Credit Record entry Clear entry View general journal Ignoring income taxes, prepare 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 Journal entry worksheet Record the entry related to the change in depreciation method. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Resuire Required 1 Required 2 Ignoring income taxes, prepare 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 Journal entry worksheet Record the depreciation for the year. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal