Cullumber Company changed depreciation methods in 2017 from double-declining-balance to straight-line. Depreciation prior to 2017 under double-declining-balance was $86,500, whereas straight-line depreciation prior to 2017 would have been $52,300. Cullumber’s depreciable assets had a cost of $260,200 with a $42,500 salvage value, and an 8-year remaining useful life at the beginning of 2017.
Prepare the 2017 journal entry related to Cullumber’s depreciable assets (Equipment).