Royalty Hammer Company is in the process of adjusting and correcting its books at the end of 2017. In reviewing its records, the following information is compiled.

1. Royalty has failed to accrue salaries and wages payable at the end of each of the last 2 years, as follows. December 31, 2016 $6,100 December 31, 2017 $4,500

2. In reviewing the December 31, 2017, inventory, Royalty discovered errors in its inventory-taking procedures that have caused following inventory errors for the last 3 years. Royalty has already made an entry that established the incorrect December 31, 2017, inventory amount. December 31, 2015 Overstated $ 8,900 December 31, 2016 Understated $15,000 December 31, 2017 Overstated $ 4,600

3. At December 31, 2017, Royalty decided to change the depreciation method on its equipment from double-declining-balance to straight-line. The equipment had an original cost of $200,000 when purchased on January 1, 2016. It has a 5-year useful life and no salvage value. Depreciation expense recorded prior to 2017 under the double-declining-balance method was $80,000. Royalty has already recorded 2017 depreciation expense of $48,000 using the double-declining-balance method.

Required: a. Prepare the journal entries, in proper form, necessary at December 31, 2017, to record the above corrections and changes. The books are still open for 2017. Any income tax effect may be ignored.