Help Save & Exit Subm Check my work Exercise 20-10 (Algo) Change in depreciation methods (LO20-3] For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,688,000. Its useful life was estimated to be six years with a $192,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in thousands) Year Straight-Line Declining Balance 2018 $ 416 $ 896 2019 416 597 398 416 2020 $1,248 $1,891 Difference $489 181 (18) $643 Required: 2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars rounded to the nearest thousand. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list