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 journal entry required" in the first account field. Round your final answers to the nearest whole dollar. Journal entry worksheet Note: Enter debits before credits. George Young Industries (GYI) acquired industrial robots at the beginning of 2022 and added them to the company's assembly process. During 2024, management became aware that the $2.0 million cost of the equipment was inadvertently recorded as repair expense on GYl's books and on its income tax return. The industrial robots have 10-year useful lives and no material salvage value. This class of equipment is depreciated by the straight-line method for financial reporting purposes and for tax purposes it is considered to be MACRS 7-year property. Cost deducted over 7 years by the modified accelerated recovery system as follows: The tax rate is 25% for all years involved. Required: 1. \& 3. Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for 2024 depreciation. 2. Will GYI account for the change (a) retrospectively or (b) prospectively? Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for 2024 dep Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. to the nearest whole dollar. Journal entry worksheet Note: Enter debits before credits