During 2019 and 2020, 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 2021, Faulkner decided to change to the straight-line method for both financial reporting and tax purposes. A tax rate of 25% is in effect for all years. For an asset that cost $16,000 with an estimated residual value of $1,000 and an estimated useful life of 10 years, the depreciation under different methods is as follows: Year 2019 2020 Straight Line $1,500 1,500 $3,000 SYD $2,727 2,455 $ 5,182 Difference $1,227 955 $ 2,182 Required: 1. Prepare the journal entry that Faulkner will record in 2021 related to the change. 2. Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the-years'- digits in 2021. Prepare the journal entry that Faulkner will record in 2021 related to the change. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the-years'- digits in 2021. Prepare the journal entry that Faulkner will record in 2021 related to the change. (If no entry is required for a Required 1 Required 2 Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the-years'- digits in 2021. Prepare the journal entry that Faulkner will record in 2021 related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Show less No Event General Journal Debit Credit 1 1 50 X Depreciation expense Accumulated depreciation O