Problem 20-11 (Statlc) Error correction; change In depreclation method [LO20-6] The Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $2,000,000. This cost included the following expenditures: The company estimated an elght-year useful Iff for the equipment. No residual value is anticlpated. The double-declining-balance method was used to determine depreclation expense for 2019 and 2020. In 2021, after the 2020 financlal statements were Issued, the company decided to switch to the stralght-Ine depreclation method for this equipment. At that time, the company's controller discovered that the orlginal cost of the equlipment Incorrectly Included one year of annual maintenance charges for the equlpment. Required: 1 \& 2 Ignoring income taxes, prepare the approprlate correcting entry for the equipment capltalzzation error discovered in 2021 and any 2021 journal entrles related to the change in depreclatlon 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 entry to correct incorrect accounts. Note: Enter debits before cred ts. Journal entry worksheet Record entry in 2021 due to the change in depreciation methods. Note: Enter debits before credits. Journal entry worksheet Record the 2021 adjusting entry for depreciation. Note: Enter debits before crec ts