George Young Industries $($GYl$)$ acquired Industrial robots at the beginning of $2022$ and added them to the company's assembly

process. During $2024,$ management became aware that the $$1\mathrm{.}7$ million cost of the equipment was inadvertently recorded as repalr

expense on GYI's books and on its Income tax return. The Industrlal robots have $10-$year useful lives and no materlal salvage value.

This class of equipment is depreclated by the straight$-$IIne method for financlal reporting purposes and for tax purposes it is

considered to be MACRS $7-$year property. Cost deducted over $7$ years by the modlied accelerated recovery system as follows:

The tax rate is $25\%$ for all years involved.

Required:

& $3.$ Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for $2024$ depreclation.

$2$ WIIl GYl account for the change $($a$)$ retrospectively or $($b$)$ prospectlvely?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for $2024$ depreciation.

Note: If no entry is required for a transaction$/$event$,$ select $"$No joumal entry required" in the first account field. Round your

final answers to the nearest whole dollar.