Problem 22-2 Marin Company is in the process of preparing its financial statements for 2017. Assume that no entries for depreciation have been recorded in 2017. The following information related to depreciation of fixed assets is provided to you. 1. Marin purchased equipment on January 2, 2014, for $99,500. At that time, the equipment had an estimated useful life of 10 years witha$4,500 salvage value. The equipment is deprediated on a straight-line bosis. On anuary 2, 2017, as a result of additional information, the company determined that the equipment has a remaining useful life of 4 years with a $2,900 salvage value. 2. During 2017, Marin changed from the double-declining-balance method for its buiding to the straight-line method. The building originally cost $280,000, It had a useful life of 10 years and a savage value of $28,000. The following computations present depreciation on both bases for 2015 and 2016. 2016 2015 Straight line 25,200 $25,200 44,800 56,000 3. Marin purchased a machine on July 1, 2015, at a cost of $110,000. The machine has a salvage valuc of s20,000 and a uscful life of 8 years. Marins bookkecper recorded straight-linc depreciation in 201S and 2016 but failed to consider the salvage valuc. Prepare the journal entries to record depreciation expense for 2017 and correct any errors made to date related to the information provided. (Ignore taxes.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 2. 3. To record current year deprecdation) To correct prior year depreciation.) SHOW LIST OF ACCOUNTS LINK TO TEXT Show comperative net income for 2016 and 2017. Income before deprediation expense was $290,000 in 2017, and was $280,000 in 2016. (Ignore taxes.) MARIN COMPANY For the Years 2017 and 2016 2017 2016 Income before deprecietion expense s Depreciation expense Not income