Recording Depreciation Error Correction Whitney Company purchased equipment on January 1, 2020, for 599,000. This equipment has a useful life of ten years and a residual value of $5,500. The company uses the straight-line depreciation method. In 2021, the company discovered that it had incorrectly recorded depreciation for 2020 as 56 380. Ignoring income taxes, record the correcting entry on January 1, 2021 Account Name Dr. Jan 1.2021 Retained Emino-Period Adjustment 9.350 Accumulated De Date