Exercise 11-25 (Algo) Change in principle; change in depreciation methods [LO11-2, 11-6] For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,970,000. Its useful life was estimated to be six years, with a $204,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Year 2018 2019 2020 ($ in thousands) Straight Line Declining Balance $ 461 $ 990 461 660 461 440 $1,383 $2,090 Difference $529 199 (21) $707 Required: 2. Prepare any 2021 journal entry related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet 1 Record depreciation expense entry for 2021