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:

Will Canliss apply the SYD method retrospectively or apply the method prospectively?

Prepare any $2024$ journal entry related to the change.

Complete this question by entering your answers in the tabs below.

Will Canliss apply the SYD method retrospectively or apply the method prospectively?

Canliss will apply the SYD method