PPI purchased a new storage facility on May 1, 2022. The new building cost $330,000. A new member of the accounting team recorded depreciation on the new facility using the sum-of-the-years (SYD) method. The manager was impressed with his hard work, since he used the method correctly and even appropriately adjusted for partial year depreciation. However, she had to remind him that PPI uses the straight line method for buildings. Unfortunately, the mistake in method wasn't corrected before the financial statements were created. At the time of the purchase, the operations manager estimated that the new facility would be used for 10 years and would have a $13,900 salvage value.

What are the journal entries?

Due to this adjustment, net income increases. What is the tax effect on income tax expense?