4 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or work areas as indicated. 1 Formula: Subtract, Multiply; Cell Referencing 2 3 BE21.3 -Using Excel to Correct an Accounting Error PROBLEM 5 At the beginning of 2020, Armstead Corporation discovered that 6 depreciation expense in the years prior to 2020 was incorrectly 7 calculated and recorded. Armstead follows IFRS and the deferred taxes 8 method of accounting for income taxes. Depreciation expense for the 9 years before 2020 and the income tax rate for Armstead follow. 10 11 Depreciation prior to 2020 $ 165,000 12 Correct depreciation prior to 2020 75,000 13 Income tax rate 30% 14 Prepare Armstead's 2020 correcting journal entry with respect to the depreciation expense that was recorded in the years before 2020. Credit Accumulated Depreciation Debit 90,000 15