During 2016 and 2017, 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 2018, 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 $25,100 with an estimated residual value of $1,100 and an estimated useful life of 10 years, the depreciation under different methods is as follows: Year SYD 2016 2017 Straight Line $2,400 2,400 $ 4,800 $ 4,364 3,927 $ 8,291 Difference $ 1,964 1,527 $ 3,491 Required: 1. Prepare the journal entry that Faulkner will record in 2018 related to the change. 2. Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the-years'- digits in 2018. Prepare the journal entry that Faulkner will record in 2018 related to the change. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the journal entry that Faulkner will record in 2018 related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar.) Show less View transaction list Journal entry worksheet Record the 2018 depreciation adjusting entry. Note: Enter debits before credits. General Journal Debit Credit Event 1 Required Required 2 1 Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of- the-years'- digits in 2018. Prepare the journal entry that Faulkner will record in 2018 related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar.) Show less View transaction list Journal entry worksheet Record the 2018 depreciation adjusting entry. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal