Tianan Corp. acquired equipment in 20X1 for $200,000. Management instructed the accounting staff to depreciate the equipment on a 20% declining balance rate. In 20X3, as the year-end financial statements are being prepared, the chief accountant discovers that the equipment had been depreciated over the previous two years at 25% instead of 20%. Tianan's income tax rate is 30%. Required: 1. Calculate the amounts of the adjustments that should be made to opening retained earnings in the comparative statements of changes in equity for each of 20X1 and 20X2. 20X1 20X2 Retained Earnings 2. Provide the 20X3 entries to record 20X3 depreciation and to correct the previous years' error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry to correct the previous year's error. Note: Enter debits before credits. Date 20X3 General Journal Debit Credit 1 2 Record the depreciation expense for 20X3. Note: Enter debits before credits. Date 20X3 General Journal Debit Credit