Vaughn Company shows the following entries in its Equipment account for 2021. All amounts are based on historical cost. 2021 Jan. 1 Aug. 10 12 Equipment 2021 124,900 June 30 34,320 750 2,550 460 Cost of equipment sold (purchased prior to 2021) Balance Purchases Freight on equipment purchased Installation costs Repairs 23,920 25 Nov. 10 Prepare correcting entry if necessary. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Truthand Assuming that depreciation is to be charged for a full year on the ending balance in the asset account, compute the proper depreciation charge for 2021 under each of the methods listed below. Assume an estimated life of 10 years, with no salvage value. The machinery included in the January 1, 2021, balance was purchased in 2019. (Round answers to decimal places, es 45,892.) (1) Straight-line (2) Sum-of-the-years-digits