This is the $5$th time I am posting this question. Please adress all the $4$ accounts for JE$.$ The JE for DR$,$ Accumulated Depreciation. CR$.$ Industrial Robots. IS WRONG.

George Young Industries $($GYI$)$ acquired industrial robots at the beginning of $2022$ and added them to the company's assembly

process. During $2024,$ management became aware that the $$1\mathrm{.}5$ million cost of the equipment was inadvertently recorded as repair

expense on GYl$\text{'}$s books and on its income tax return. The industrial robots have $10-$year useful lives and no material salvage value.

This class of equipment is depreciated by the straight$-$line method for financial reporting purposes and for tax purposes it is

considered to be MACRS $7-$year property. Cost deducted over $7$ years by the modified accelerated recovery system as follows:

The tax rate is $25\%$ for all years involved.

Required:

& $3.$ Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for $2024$ depreciation.

Will GYI account for the change $($a$)$ retrospectively or $($b$)$ prospectively?

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Req $1$ and $3$

Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for $2024$ depreciation.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your

final answers to the nearest whole dollar.