For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2015 for $2,704,000. Its useful life was estimated to be six years with a $196,000 residual value. At the beginning of 2018, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows ($ in 000s):

Year Straight-Line Declining Balance Difference

2015 $418 $ 901 $483

2016 418 601 183

2017 418 401 (17)

$1,254 $ 1,903 $649

Required:

2.Prepare any 2018 journal entry related to the change.(Enter your answers in dollars rounded to the nearest thousand.If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)