Concord Company is in the process of adjusting and correcting its books at the end of 2020. In reviewing its records, the following information is compiled 1. Concord has failed to accrue sales commissions payable at the end of each of the last 2 years, as follows December 31, 2019 $3,300 December 31, 2020 $2,300 , 2 In reviewing the December 31, 2020, Inventory. Concord discovered errors in its inventory-taking procedures that have caused inventories for the last 3 years to be incorrect, as follows December 31, 2018 Understated $16,700 December 31, 2019 Understated $19.000 December 31, 2020 Overstated $6,000 Concord has already made an entry that established the incorrect December 31, 2020, inventory amount 3. At December 31, 2020, Concord decided to change the depreciation method on its office equipment from double-declining- balance to straight-line. The equipment had an original cost of $90,000 when purchased on January 1, 2018. It has a 10-year useful life and no salvage value. Depreciation expense recorded prior to 2020 under the double-declining-balance method was $39,600. Concord has already recorded 2020 depreciation expense of $11,600 using the double-declining-balance method. 4. Before 2020, Concord accounted for its income from long-term construction contracts on the completed-contract basis. Early in 2020, Concord changed to the percentage-of-completion basis for accounting purposes. It continues to use the completed-contract method for tax purposes. Income for 2020 has been recorded using the percentage-of-completion method. The following information is available. Pretax Income Percentage-of-Completion Completed-Contract $141.700 $94.900 57,500 21.600 Prior to 2020 2020 Prepare the journal entries necessary at December 31, 2020. to record the above corrections and changes. The books are still open for 2020. The income tax rate is 20%. Concord has not yet recorded its 2020 income tax expense and payable amounts so current-year tax effects may be ignored. Prior-year tax effects must be considered in item 4. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1 Retained Earnings Sales Commission Payable Sales Commission Expense 2. 2 Cost of Goods Sold Retained Earnings Inventory 3. Accumulated Depreciation Equipment Depreciation Expense 4 Construction in Process Deferred Tax Liability Retained Earrings