Frost Corporation elected to change its method of depreciation from the double-declining balance method to the straight-line method on January 1 , of the current year. It acquired the equipment 2 years ago on January 1 for $330,000. The original estimated useful life was 4 years with an original scrap value of $30,000. The company is subject to a 30% income tax rate. Requirements a. Prepare the joumal entry to record the change in depreciation method. b. Draft a footnote disclosure for the change in depreciation method. Requirement a. Prepare the journal entry to record the change in depreciation method. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirement b. Draft a footnote disclosure for the change in depreciation method. Management determined that the straight-line method better reflects the income flows generated from the use of its equipment. Therefore, the Company changed its method of depreciating its equipment from double-declining balance method to the straight-line method effective January 1 of the current year. The estimated useful life and residual value have not been revised. The effect of this change in estimate is to annual depreciation expense from to for the year ended December 31. Income from continuing operations and net income by as a result of the change in estimate for the year ended December 31. Earnings per share also due to the change. The change is reported Frost Corporation elected to change its method of depreciation from the double-declining balance method to the straight-line method on January 1 , of the current year. It acquired the equipment 2 years ago on January 1 for $330,000. The original estimated useful life was 4 years with an original scrap value of $30,000. The company is subject to a 30% income tax rate. Requirements a. Prepare the joumal entry to record the change in depreciation method. b. Draft a footnote disclosure for the change in depreciation method. Requirement a. Prepare the journal entry to record the change in depreciation method. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirement b. Draft a footnote disclosure for the change in depreciation method. Management determined that the straight-line method better reflects the income flows generated from the use of its equipment. Therefore, the Company changed its method of depreciating its equipment from double-declining balance method to the straight-line method effective January 1 of the current year. The estimated useful life and residual value have not been revised. The effect of this change in estimate is to annual depreciation expense from to for the year ended December 31. Income from continuing operations and net income by as a result of the change in estimate for the year ended December 31. Earnings per share also due to the change. The change is reported