GENERAL JOURNAL ENTRY DROP DOWN OPTIONS:

• No journal entry required
• Accumulated depreciation
• Buildings
• Cash
• Common stock
• Cost of goods sold
• Deferred rent revenue
• Depreciation expense
• Dividends
• Equipment
• Income tax expense
• Income tax payable
• Insurance expense
• Interest expense
• Interest payable
• Interest revenue
• Inventory
• Notes payable
• Operating expenses
• Paid-in capital - excess of par
• Patent
• Prepaid insurance
• Rent revenue
• Retained earnings
• Salaries expense
• Salaries payable
• Treasury stock

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,704,000. Its useful life was estimated to be six years with a $196,000 residual value. At the beginning f 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Required: 2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for a ransaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the adjusting entry for depreciation in 2021. Note: Enter debits before credits