Exercise 20-10 (Algo) Change in depreciation methods [LO20-3] For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2021 for $2,576,000. Its useful life was estimated to be six years with a $164,000 residual value. At the beginning of 2024, Kumas decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in thousands) Declining Balance Year Straight Line 2021 $ 402 2022 2023 402 402 $ 858 572 Difference $ 456 170 382 (20) $ 1,206 $ 1,812 $ 606 Required: 2. Prepare any 2024 journal entry related to the change. Note: Enter you answers rounded to the nearest dollar. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the adjusting entry for depreciation in 2024.