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:

Year	Straight Line	SYD	Difference
2022	$ 2,000	$ 3,636	$ 1,636
2023	2,000	3,273	1,273
	$ 4,000	$ 6,909	$ 2,909

Required:

Prepare the journal entry that Faulkner will record in 2024 related to the change.

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.

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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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. Complete this question by entering your answers in the tabs below. 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. Journal entry worksheet Note: Enter debits before credits