Eddison Inc. purchased a capital asset for $$224,000$ in $20$X$2.$ Management estimated that the asset would have an $8-$year life with an estimated residual value of $$17,000.$ Management depreciated assets using the straight$-$line method and recorded a full year$$s depreciation in the year of purchase. The tax rate is $20\%.$

Assume that in $20$X$4,$ management was reviewing its policies relating to its capital asset accounts. Consider the following independent scenarios:

Scenario A

Management decided to change the depreciation method to the declining$-$balance method, using a rate of $20\%.$ This is a change in policy because the change is motivated by a desire to conform to industry practice.

Scenario B

Management determined that the equipment was still in excellent condition and anticipated that the useful life has increased. Eddison Inc. now expects that they will be able to use the equipment for an additional year $($i$.$e$.,9$ years in total$).$ The residual value is now estimated to be $$14,400.$

Scenario C

Management realized that when setting up the depreciation expense for the asset, they forgot to deduct the residual value.

Required:

$1.$ Calculate the $20$X$4$ depreciation expense.

$2.$ Provide a correcting entry for all Scenarios in $20$X$4.($show your work$)$