Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,130,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $ 1,950,000 40,000 30,000 110,000 $ 2,130,000 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 2022 and 2023. In 2024, after the 2023 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 2024. 2. Ignoring income taxes, prepare any 2024 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 Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 Record the correcting entry for the equipment capitalization error discovered in 2024. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Retained earnings Accumulated depreciation Equipment Record entry Clear entry View general journal Journal entry worksheet < 1 2 Record the depreciation for the year. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Depreciation expense Accumulated depreciation