Zac Company has following information related to its financial statements in 2020:

(1) Zac changed inventory cost methods to weighted-average method from LIFO at the end of 2020 for both financial statement and income tax purposes. The change will cause a $100,000 increase in the beginning inventory on January 1, 2021.

(2) The physical inventory count on December 31, 2019, improperly double counted (overstated) merchandise costing $19,000 that had been temporarily stored in a public warehouse. Zac uses a periodic inventory system.

(3) Effective January 1, 2020, the company changed the salvage value used in calculating depreciation for its factory. The factory cost $1,200,000 on January 1, 2010 and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $200,000. New evidence indicates that the salvage value will be no more than $50,000.

(4) A collection of $5,600 on account from a customer received on December 31, 2020, was not recorded until January 2, 2021.

(5) At the beginning of 2018, the company purchased a vehicle at a cost of $50,000. Its useful life was estimated to be 8 years with the salvage value of $4,125. The machine has been depreciated by the double-declining balance method. Its book value on January 1, 2020, was $28,125. On January 1, 2021, the company changed to the straight-line method.

(6) At December 31, 2020, an analysis of payroll information shows accrued salaries of $12,200. The salaries and wages payable account had a balance of $16,000 at December 31, 2020, which was unchanged from its balance at December 31, 2019.

(7) Warranty expense is determined each year as 1.5 % of sales. Actual payment experience of recent years indicates that 1% is a better indication of the actual cost. Management effects the change in 2020. Credit sales for 2019 were $500,000; in 2020 they are $550,000.

(8) A large piece of equipment was purchased on January 1, 2019, for $40,000 and was charged to Maintenance and Repairs Expense. The equipment is estimated to have a service life of 8 years and no residual value. Zac normally uses the straight-line depreciation method for this type of equipment.

(9) A $12,000 insurance premium paid on July 1, 2020, for a policy that expires on June 30, 2021, was charged to insurance expense.

Assume the books have not been closed for 2020. Prepare journal entries showing the adjustments that are required, assuming the income tax rate is 25% for every year.