Problem 11-11 Error correction; change in depreciation method L011-2, 11-6, 11-7l Collins Corporation purchased office equipment at the beginning of 2014 and capitalized a cost of $2,072,000. This cost figure included the following expenditures: $1,910,000 Purchase price Freight charges 36,000 26,000 Installation charges Annual maintenance 100,000 charge Total $2,072,000 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 2014 and 2015. In 2016, after the 2015 financial statements were issued, the company decided to switch to the straight-line depreciation method forthis equipment. At that time, the company's controller discovered that the original cost ofthe equipment incorrectly included one year of annual maintenance charges for the equipment. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the correcting entry for the equipment capitalization error discovered in 2016. General Journal Debit Credit Event 1 Retained earnings Accumulated depreciation Equipment