George Young Industries (GYI) acquired industrial robots at the beginning of 2013 and added them to the company's assembly process. During 2016, management became aware that the $2.7 million cost of the machinery was inadvertently recorded as repair expense on GYis 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 years by the modified accelerated recovery system as follows): 2013 385 830 2014 2015 472230 2016 337.230 2017 2018 240 840 2019 $2,700.000 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 2016 depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) transaction list Journal E 1. Record the correcting entry. 2. Record the 2016 adjusting entry for depreciation. journal entry has been entered