During 2014 and 2015, Faulkner Manufacturing used the sum-of-the-years-digits (SYD) method of depreciation for its depreciable assets, for both financial reporting and tax purposes. At the beginning of 2016, Faulkner decided to change to the straight-line method for both financial reporting and tax purposes. A tax rate of 40% is in effect for all years. For an asset that cost $19,000 with an estimated residual value of 31,000 and an estimated useful life of 10 years, the depreciation under different methods is as follows: 2014 2015 Straight Line $1,800 SYD 3,273 2,945 $1,473 1,145 1,800 $3,600 8,218 $2,618 Required: 1. Prepare the journal entry that Faulkner wil record in 2016 related to the change. (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list 1 Record the 2016 depreciation adjusting entry. Credit Note :journal entry has been entered Record entry Clear entry View general journal 2. Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the- years- digits in 2016. Prepare the journal entry that Faulkner will record in 2016 related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 1 Record the 2016 depreciation adjusting entry