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19 1 points Exercise 11-25 (Algo) Change in principle; change in depreciation methods (LO11-2, 11-6)...

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19 1 points Exercise 11-25 (Algo) Change in principle; change in depreciation methods (LO11-2, 11-6) For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $3,000,000. Its useful life was estimated to be five years, with a $215,000 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: (5 in thousands) Straight Line Declining Balance Difference $ 557 $1,200 $ 643 2020 $1,671 $2,352 ook Year 2018 2019 Ruferences 557 557 720 432 163 (125) $ 681 Required: 2. Prepare any 2021 journal entry related to the change. (If no entry is required for a transaction/event, select required" in the first account field. Enter your answers in whole dollars.) journal entry View transaction let Journal entry worksheet Record depreciation expense entry for 2021, Dre 19 of 24 ! Next >

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