George Young Industries (GYI) acquired industrial robots at the beginning of 2015 and added them to the company's assembly process. During 2018, management became aware that the $1.4 million cost of the machinery was inadvertently recorded as repair expense on GYI'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-ine method for financial reporting purposes and for tax purposes it is considered to be MACRS 7-year property. Cost deducted over 7 years by the modified accelerated recovery system as follows: Year Deduct ion 2015 2016 2017 2018 2019 2020 2021 2022 200,060 342,860 244,860 174,860 125,020 124,880 125,020 62.440 Totals $1,400,000 The tax rate is 40% 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 2018 depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 Record the correcting entry. 2 Record the 2018 adjusting entry for depreciation.