Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,094,000....

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Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,094,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $ 1,920,000 37,000 27,000 110,000 $ 2,094,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2022 and 2023. In 2024, after the 2023 financial statements were issued, the company decided to switch to the straight-line depreciation method for this equipment. At that time, the company's controller discovered that the original cost of the equipment incorrectly included one year of annual maintenance charges for the equipment. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. 2. Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. 2. Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Requi Ignoring income taxes Required 2 propriate correcting entry for the equipment capitalization error discovered in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Transaction General Journal Accumulated depreciation Equipment Required 2 Debit 110,000 Credit 110,000 Required 2: 1)Record the entry related to the change in depreciation method. 2) Record the depreciation for the year. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. 2. Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Transaction Accumulated depreciation General Journal Depreciation expense 2 Depreciation expense Accumulated depreciation < Required 1 Required 2 > Debit 1,460,500 Credit 1,460,500 Collins Corporation purchased office equipment at the beginning of 2022 and capitalized a cost of $2,094,000. This cost figure included the following expenditures: Purchase price Freight charges Installation charges Annual maintenance charge Total $ 1,920,000 37,000 27,000 110,000 $ 2,094,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2022 and 2023. In 2024, after the 2023 financial statements were issued, the company decided to switch to the straight-line depreciation method for this equipment. At that time, the company's controller discovered that the original cost of the equipment incorrectly included one year of annual maintenance charges for the equipment. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. 2. Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. 2. Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Requi Ignoring income taxes Required 2 propriate correcting entry for the equipment capitalization error discovered in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Transaction General Journal Accumulated depreciation Equipment Required 2 Debit 110,000 Credit 110,000 Required 2: 1)Record the entry related to the change in depreciation method. 2) Record the depreciation for the year. Required: 1. Ignoring income taxes, prepare the appropriate correcting entry for the equipment capitalization error discovered in 2024. 2. Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, prepare any 2024 journal entry(s) related to the change in depreciation methods. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Transaction Accumulated depreciation General Journal Depreciation expense 2 Depreciation expense Accumulated depreciation < Required 1 Required 2 > Debit 1,460,500 Credit 1,460,500