The Madras Corporation purchased office equipment at the beginning of 2010 and capitalized a cost of $2,000,000. This cost included the following expenditures $1,850,000 30,000 20,000 100,000 Purchase price Freight charges Installation charges Annual maintenance charge Total $2,000,000 The company estimated an eight-year useful ife for the equipment No residual value is anticipated. The double-declining-balance In 2012, after the 2011 financial statements were issued, the company decided to switch to the straight line depreciation method for this equipment. At that time, the company's controller discovered that the original cost of the equipment incorrectly included one year of equipment was used to determine depreciation expense for 2010 and 2011 annual maintenance charges for the Required: 1. Ignoring income taxces, the discovered in 2012. (Do not round your intermediate calculations.) prepare the appropriate correcting entry for the equipment capitalization error General Journal Credit Debit Retained earnings Accumulated depreciation Equipment 2. Ignoring income taxes, prepare any 2012 not round your intermediate calculations. Round your answers to the nearest whole dollar amount. In cases where no entry is required, please select the option "No journal entry required for your answers to grade correctly. Leave no cells blank- be certain to enter "O" wherever required.) General Journal To record the change No journal entry required 2012 adjusting entry Depreciation expense Accumulated depreciation