J Corporation purchased a machine on January 2, 2018 for $80,000. The company estimates that the machine will have a useful life of 10 years with no salvage value. The company uses the straight-line method of depreciation; however the company never recorded depreciation expense. If the books are still open for 2020, the required correcting entry as of December 31, 2020 would include Group of answer choices A debit to Retained Earnings for $16,000, A debit to Depreciation Expense for $24,000, A credit to Retained Earnings for $24,000, A credit to Depreciation Expense for $8,000