The directors of Jean Ltd decide to change the company's depreciation policy for plant and equipment. The decision is taken on 30 June 2018 and is based on the chief financial officer's assessment that the change would result in more relevant and reliable information in the financial statements. A review of the accounting records of Jean Ltd reveals that, if the new policy had always been applied, depreciation expense for the year ended 30 June 2017 would have been $40 000. In the years before the year ended 30 June 2017, application of the new policy would have resulted in an increase of $442 857 in the total amount of depreciation recognised. Jean Ltd has profit before tax for the period ended 30 June 2018 of $870 000 (against which depreciation expense of $42 000 was charged) and $793 000 for the previous year ended 30 June 2017. The opening retained earnings and closing retained earnings for the period ended 30 June 2017 were $1 281 600 and $1 498 700, respectively. The income tax rate for Jean Ltd has been 30% since 2003. Ignore the effects ofAASB 112 'Income Taxes'.

1. Prepare general journal entries, if any, to account for the change in accounting policy in accordance withAASB 108 'Accounting Policies, Changes in Accounting Estimates and Errors'.
2. Prepare extracts from the statement of comprehensive income and statement of changes in equity for the period ended 30 June 2018.
3. Would your answer to (a) and (b) be different if there was no clearly expressed reason for the alteration to the depreciation policy?