Recording Depreciation Error Correction Hondae Inc. purchased equipment on January 1 of Year 1 at a cost of $440,000. The company estimated a $11,000 salvage value and a useful life of 10 years for the equipment. The company elected to use the straight-line depreciation method. In entering the information for the asset into the depreciation system, the salvage value was inadvertently entered as $110,000 instead of $11,000. This error was discovered early in Year 4. Record the Year 4 journal entry to correct this error. Ignore income tax