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 $13,000 with an estimated residual value of $1,000 and an estimated useful life of 10 years, the depreciation under different methods is as follows Straight Line $1,200 1,200 Difference $ 982 Year 2016 2017 SYD $2,182 1,964 $4,146 764 $ 2,400 $1,746 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 1 Required 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.) View transaction list Journal entry worksheet Record the 2018 depreciation adjusting entry Required 1 Required 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. (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.) View transaction list Journal entry worksheet Record the 2018 depreciation adjusting entry Note: Enter debits before credits. Event General Journal Debit Credit Clear entry Record entry View general journal