Saved Wk 5- Practice: Knowledge Check [due Day 5] Help 2 For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,640,000. Its useful life was estimated to be six years with a $180,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Year ($ in thousands) Declining Balance $ 880 Straight-Line $ 410 Difference 2018 $470 2019 410 176 586 391 2020 410 (19) $1,230 $1,857 $627 Required: 2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for depreciation in 2021. Note: Enter debits before credits. 2.85 points eBook References