On January 1, 2020 Ellis Inc. purchased a warehouse for $5,600,000. After the 2020 financial statements were approved and issued, Ellis had discovered that depreciation had been recorded for both accounting and tax purposes using a 10% declining balance method. For financial reporting purposes, the straight line method should have been used, with a residual value of $1,200,000 and a 10 year useful life. Ellis will account for this change as an accounting error. Required: Prepare the required journal entry in 2021 to correct the prior period error. The tax rate for 2020 is 20%