Recording a Change in Estimate, an Error Correction, and a Change in Accounting Principle On December 31, Year 4, Alexa Company is preparing adjusting entries for its annual year-end, The following issues confront the company. 1. Equipment $101 with a cost of $6,160 was purchased three years earlier on january 1, Year 2 . It is being depreciated on a straight-line basis over an estimated useful life of 10 years with no residual value. At December 31, Year 4 , it has been determined that the estimated total useful life is 6 years instead of 10. 2. Equipment \#502 with a cost of 53,640 was purchased four years eartier on january 1, year 1. It is being depreciated on a straight-fine basis over an estimated useful life of seven years with no residual value. At December 31 , Year 4 , it was discovered that no depreciation had been recorded on this equipment for Year 1 or Year 2 , but it was recorded for Year 3. 3. In Year 4, Alexa decided to change inventory methods from the weighted-average method to the fifo method. Net income reported in Year 3 applying the weighted-average method was $76,000. If FFO had been applied in Year 3 , net income would have been $80,800. a. For equipment \#101, provide the required adjusting entry for depreciation expense at December 31 , Year 4. - Note: Round answers to the nearest whole dollar. b. For equipment \#S02, provide the required adjusting entry for depreciation expense at December 31 , Year 4. a. For equipment \#101, provide the required adjusting entry for depreciation expense at December 31, Year 4. - Note: Round answers to the nearest whole dollar. b. For equipment \#502, provide the required adjusting entry for depreciation expense at December 31 , Year 4. c. For equipment \#502, provide any necessary correcting entry. Ignore income taxes. d. In reporting comparative income statements in Year 4 , what net income amount is presented for Year 3