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 $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 2019 2020 Straight line $2,400 2,400 $4,800 SYD $4,364 3.927 $8,291 Difference $1,964 1,527 $3,491 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Round your final answers to nearest whole dollar) View transaction list Journal entry worksheet