Question 4 On January 1, 2019, Graesser Company discovered they had made errors in prior periods beginning in 2015. The errors are as follows: On January 1, 2015, Graesser mistakenly recorded $5,000,000 as Property. Plant and Equipment (P. P &E) instead of operating expenses with a debit to P. P & E and a credit to cash. Graesser depreciated the $5,000,000 of P.P & E using a 5-year life with no salvage value. Assume a 21% tax rate across all periods. Please record the journal entry, if any, to correct the cumulative effect of the error as of the beginning of 2019? Debit Accumulated Depreciation $4,000,000, Debit Retained Earnings $790,000, Debit Income Tax Payable $210,000, Credit Property, Plant & Equipment $5,000,000 Debit Accumulated Depreciation $4,000,000, Debit Retained Earnings $1,000,000, Credit Property, Plant & Equipment $5,000,000 Debit Accumulated Depreciation $4,000,000, Debit Retained Earnings $210,000, Debit Income Tax Payable $790,000, Credit Property, Plant & Equipment $5,000,000 Debit Accumulated Depreciation $5,000,000, Credit Property, Plant & Equipment $5,000,000 None of the answers are correct