2 Problem 20-11 Error correction; change in depreciation method [LO020-6] The Collins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,195,000. This cost included the following expenditures Purchase price Freight charges Installation charges Annual maintenance charge $1,988,8ee 43,000 33,080 eBook 139,800 Total $2,195,000 The company estimated an ten-year useful life for the equipment No residual value is anticipated. The double-declining balance Relerences method was used to determine depreciation expense for 2016 and 2017 In 2018, after the 2017 financial statements were issued, the this equipment. At that time, the c of annual maintenance charges for the equipment company decided to switch to the straight-line depreciation method for that the original cost of the equipment incorrectly included one Required: 1& 2 Ignoting income taxes, prepare the appropnate correcting entiy tor the equipment capitalization error discovered in 2018 and for a transaction/event, select journel entry required" in the first account field.) Required: 1 & 2 Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2018 and ary 2cne ournal entryis) relaled to the change n depreciation methiods (if no entry is required for a trensactionlevent, select "No JOurnel entry required" in the first account field Journal entry worksheet Recornd the entry to correct incorrect accounts