Tracy Ltd. purchased a piece of equipment on January 1, 2016, for $1,365,000. At that time, it was estimated that the machine would have a 15-year life and no residual value. On December 31, 2020, Tracy's controller found that the entry for depreciation expense was omitted in error in 2017. In addition, Tracy planned to switch to double-declining-balance depreciation because of a change in the pattern of benefits received, starting with the year 2020. Tracy currently uses the straight-line method for depreciating equipment. Prepare the general journal entries, if any, the accountant should make at December 31, 2020. (Ignore tax effects.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round the rate of deprecition under double decling balance method to 5 decimal places, ie. 13.33333%. Round answers to 0 decimal places, eg. 5,125.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To correct for the omission of depreciation expense in 2017.) Dec. 31, 2070 (To correct for the omission of depreciation expense in 2017.) Dec. 31, 2020 (To adjust for change in depreciation method.) Dec. 31, 2020 (To record depreciation expense.) List of Accounts Prepare the general journal entries, if any, the accountant should make at December 31, 2020. Factor in tax effects. The company has a 25% tax rate for 2016 to 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round the rate of deprecition under double decling balance method to 5 decimal places, ie. 13.33333%. Round answers to 0 decimal places, eg. 5,125.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To correct for the omission of depreciation expense in 2017.) Dec. 31, 2020 Ganan in donrocintion method (To correct for the omission of depreciation expense in 2017.) Dec. 31, 2020 (To adjust for change in depreciation method.) Dec. 31, 2020 (To record adjusting entry for depreciation.) List of Accounts A partial trial balance of Lindy Corporation at December 31, 2020, follows: Dr. Cr. Supplies $7,700 Salaries and wages payable $5.200 Interest receivable 2,690 Prepaid insurance 113,400 Unearned rent revenue -0- Interest payable 16,500 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2020, totalled $4,000. Through an oversight, the Salaries and Wages Payable account was not changed during 2020. Accrued salaries and wages on December 31, 2020, amounted to $7,500. The Interest Receivable account was also left unchanged during 2020. Accrued interest on investments amounted to $2,000 on December 31, 2020. 3. The unexpired portions of the insurance policies totalled $44,200 as at December 31, 2020. 4. A cheque for $77,000 was received on January 1, 2020, for the rent of a building for both 2020 and 2021. The entire IFCU VITU Payable account was not changed during 2020. Accrued salaries and wages on December 31, 2020, amounted to $7,500. OFVb 2. The Interest Receivable account was also left unchanged during 2020. Accrued interest on investments amounted to $2,000 on December 31, 2020. 3. The unexpired portions of the insurance policies totalled $44,200 as at December 31, 2020. 4. A cheque for $77,000 was received on January 1, 2020, for the rent of a building for both 2020 and 2021. The entire amount was credited to Rent Revenue. 5. Depreciation on equipment for the year was recorded in error as $4,850 rather than the correct figure of $48,500. 6. A further review of prior years' depreciation calculations revealed that depreciation on equipment of $19,200 had not been recorded. It was decided that this oversight should be corrected by adjusting prior years' income. Assume that Lindy applies IFRS. Assuming that the books have not been closed, what adjusting entries are necessary at December 31, 2020? Ignore income tax considerations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. II No. Account Titles and Explanation Debit Credit 1. (To record supplies used) (To accrue salaries and wage expense) 2. 3. 4. = 3. 4. 5. 6. List of Accounts Assuming that the books have been closed, what adjusting entries are necessary at December 31, 2020? Ignore income tax considerations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 1. (To record supplies used.) (To accrue salaries and wage expense.) 2. 3. 4. 5. 6. List of Accounts