PLEASE READ CAREFULLY. THIS IS THE ENTIRE QUESTION. ALL INFORMATION IS GIVEN. THANK YOU

PLEASE READ CAREFULLY. THIS IS THE ENTIRE QUESTION. ALL INFORMATION IS GIVEN. THANK YOU

PLEASE READ CAREFULLY. THIS IS THE ENTIRE QUESTION. ALL INFORMATION IS GIVEN. THANK YOU

Check my wor 00 The Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,308,000. This cost included the following expenditures: 12 points Purchase price Freight charges Installation charges Annual maintenance charge Total Skipped $2,020,000 48,000 38,000 202,000 $2,308,000 eBook Print The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2019 and 2020. References In 2021, after the 2020 financial statements were issued, the company decided to switch to the straight-line depreciation 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 2021 and any 2021 journal entries related to the change in depreciation methods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.) Journal entry worksheet Record the 2021 adjusting entry for depreciation. Note: Enter debits before credits. Event General Journal Debit Credit 3