The Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,146,000. This cost included the following expenditures:

Purchase price	$ 1,930,000
Freight charges	39,000
Installation charges	29,000
Annual maintenance charge	148,000
Total	$ 2,146,000

The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2022 and 2023.

In 2024, after the 2023 financial statements were issued, the company decided to switch to the straight-line depreciation method for this equipment. At that time, the companys controller discovered that the original cost of the equipment incorrectly included one year of annual maintenance charges for the equipment.

Required:

Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024 and any 2024 journal entries related to the change in depreciation methods:

- Record the entry to correct incorrect accounts.

- Record entry in 2024 due to the change in depreciation methods.

- Record the 2024 adjusting entry for depreciation.