2 Problem 20-11 Error correction; change in depreciation method [LO020-6] The Colins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,195,000. This cost included the following expenditures ints $1,988,8ee 43,080 33,080 Annual maintenance charge 139,80 $2,195,000 Purchase price Freight charges Installation charges Total dThe company estimated an ten-year useful ife for the equipment No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2016 and 2017 In 2018, after the 2017 financial statements were issued, the company decided to switch to the straight this equipment At that time, the company's controller discovered that the original cost of the of annual maintenance charges for the equipment -line depreciation method for equipment incorrectly included one year t Required: prepare the appropnate correcting entiy tor the equipment capitalization error discovered in 2018 and is required for a transaction/event, select "No ату 2018 ournal entry s relatedto the change in depreciation methods th journel entry required" in the first account field.) 2 Problem 20-11 Error correction; change in depreciation method [LO020-6] The Colins Corporation purchased office equipment at the beginning of 2016 and capitalized a cost of $2,195,000. This cost included the following expenditures ints $1,988,8ee 43,080 33,080 Annual maintenance charge 139,80 $2,195,000 Purchase price Freight charges Installation charges Total dThe company estimated an ten-year useful ife for the equipment No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2016 and 2017 In 2018, after the 2017 financial statements were issued, the company decided to switch to the straight this equipment At that time, the company's controller discovered that the original cost of the of annual maintenance charges for the equipment -line depreciation method for equipment incorrectly included one year t Required: prepare the appropnate correcting entiy tor the equipment capitalization error discovered in 2018 and is required for a transaction/event, select "No ату 2018 ournal entry s relatedto the change in depreciation methods th journel entry required" in the first account field.)