For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,816,000. Its useful life was estimated to be six years with a $224,000 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 Straight-Line $432 432 2020 432 $1,296 Required: (5 in thousands), Declining Balance. 938 Difference $506 626 194 417 (15) $1,981 $685 2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. 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 2021. Note: Enter debits before credits Event 1 General Journal Debit Credit < Prev 3 of 10 Next >