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Burnett Corporation elected to change its method of depreciation from the double-declining balance method to the straight-line method on January 1 of the current year. It acquired the equipment 2 years ago on January 1 for $400,000. The original estimated useful life was 4 years with an original scrap value of $12,000. The company is subject to a 40% income tax rate. Requirements a. Prepare the journal entry to record the change in depreciation method. b. Draft a footnote disclosure for the change in depreciation method. Requirement a. Prepare the journal entry to record the change in depreciation method. (Record debits first, then credits. Exclude explanations from any journal entries.) December 31, Account Current Year