The Canliss Milling Company purchased machinery on January 2, 2022, for $880,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $176,000 in depreciation in 2022 and 2023. Early in 2024, the company changed its depreciation method to the sum-of-the-years'-digits (SYD) method.

Required:

1. Will Canliss apply the SYD method retrospectively or apply the method prospectively?
2. Prepare any 2024 journal entry related to the change.