Babcock Company purchased a piece of machinery for $24,000 on January 1, 2019, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated useful life and no salvage value. On January 1, 2021, Babcock decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life is changed to a total of six years from the date of purchase. Ignore income taxes. Required: 1. Prepare the appropriate journal entry, if any, to record the accounting change under GAAP. 2. Prepare the journal entry to record depreciation for 2021.

Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry, if any, to record the acceunting change under GMAP. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare the joumal entry to rocord depreclation for zo21. (tf no entry is required for a trancactionyevent, seiect Tio journa required' in the first account field.) Journal entry worksheet Note: Enter doblots beftert eredits