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please help I will give thumbs up The Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,056,000. This
please help I will give thumbs up
The Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,056,000. This cost included the following expenditures: The company estimated an eight-year useful iffe for the equipment: No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2022 and 2023. In 2024. after the 2023 financial statements were issued, the company decided to swiltch to the straightiline depreclation method for this equipment. At that time, the company's controller discovered that the original cost of the equipment incorrectly included one year of annual maintenance charges for the equipment. Required: 1\& 2. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024 and any 2024 journal entries related to the change in depreclation methods. Note: If no entry is required for a transoction/event, select "No joumol entry required" in the first account field, Round your final answers to the nearest whole dollar. Journal entry worksheet Record the entry to correct incorrect accounts. Note: Enter debits before credits. answers to the nearest whole dollar. Journal entry worksheet (bi) 3 Record entry in 2024 due to the change in depreciation methods. Note: Enter debits before credits. answers to the nearest whole dollar. Journal entry worksheet Record the 2024 adjusting entry for depreciation. Note: Enter debits before credits Step by Step Solution
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