George Young Industries (GI) acquired industrial robots at the beginning of 2018 and added them to the company's assembly process. During 2021. management become aware that the $2.9 million cost of the equipment was inadvertently recorded as repair expense on GY's books and on its Income tax return. The industrial robots have 10-year useful lives and no material salvage value. This class of equipment is depreciated by the straight-line method for financial reporting purposes and for tax purposes it is considered to be MACRS 7-year property. Cost deducted over 7 yeats by the modified accelerated recovery system as follows: NACKS Deductions 5414, 410 710,210 507,210 362,210 258,970 255,600 258,970 139,0 $2,900,000 Year 2011 2019 2020 2021 2022 2023 2024 2029 Total The tax rate is 25% for all years involved Required: 1.& 3. Prepare any Journal entry necessary as a direct result of the error described and the adjusting entry for 2021 depreciation. 2. Will Gyl account for the change (a) retrospectively or (b) prospectively? Complete this question by entering your answers in the tabs below. Red 1 and 3 Reg 2 Prepare any Journal entry necessary as a direct result of the error described and the adjusting entry for 2021 depreciation (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your final answers to the nearest whole dollar) View transaction list Journal entry worksheet