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 $28,100 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	Straight Line	SYD	Difference
2022	$ 2,700	$ 4,909	$ 2,209
2023	2,700	4,418	1,718
	$ 5,400	$ 9,327	$ 3,927

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.