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 $29,200 with an estimated residual value of $1,200 and an estimated useful life of 10 years, the depreciation under different methods is as follows: Year Straight Line SYD Difference $2,291 2014 $2,800 $5,091 1,782 2015 2,800 4,582 $9,673 $4,073 $5,600 Required: 1. Prepare the journal entry that Faulkner will record in 2016 related to the change. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the 2016 depreciation adjusting entry General Journal Debit Credit Event *Enter debits before credits done clear entry record entry