During 2022 and 2023, 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 2024, 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 $21,000 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 Difference Year 2022 2023 SYD $ 2,000 2,000 $ 3,636 3,273 $ 1,636 1,273 $ 4,000 $ 6,909 $ 2,909 Required: 1. Prepare the journal entry that Faulkner will record in 2024 related to the change. 2. Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the-years'- digits in 2024. Prepare the journal entry that Faulkner will record in 2024 related to the change. Required 1 Required 2 Prepare the journal entry that Faulkner will record in 2024 related to the change. Note: 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 1 Record the 2024 depreciation adjusting entry. Note: Enter debits before credits. Event 1 General Journal Debit Credit Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the-years'- digits in 2024. Prepare the journal entry that Faulkner will record in 2024 related to the change. Note: 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. View transaction list Journal entry worksheet 1 Record the 2024 depreciation adjusting entry. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal Show less