Chapter 20 Acct Changes Connect Assignment Help Save & Exit Submit Check my work During 2016 and 2017, Faulkner Manufacturing used the sum-of-the-years-cligits (SYD) method of depreclation for its depreclable vssets, for both firerici??eporung bnd tax purposes. At the beginning of 2018, Faulkner decided to change to the straight-line method for both financial reporting and tax purposes A tax rate of 40% is in erect for all years. For an asset that cost $29,200 with an estimated resicual value of $1,200 and an estimated useful life of 10 years, the depreclation under different methods is as follows YearStraight LincSYD Differanca $2, Hee 35,291 eBouk 817 $5,600 9,673 5 4,073 Reie ences Required: 1. Prepare the joumal entry that Faulkner will recard in 2018 related to the change. 2. Suppose Instead that Faulkner prevlously used straight-ine depreclation and changed to sum-of-the-years- digits in 2018. Prepare the Journal entry tial Faulkner will record in 2018 related to the ch nge. Complete this question hy entering your answers in the tahs helow. Roquired 1Roquircd 2 Prepare the journal entry that Faulkner will record in 2018 related to the change. (if no entry is required for a dollar.) s ect "No journal entry required" in hhe first nocount field. Round your final ??wers to nearest whole View transaction list Journal entry worksheet