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For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2010 for $2,560,000. Its useful life was estimated to be six years with a $160,000 residual value. At the beginning of 2013, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows ($ in 000s):
YEAR Straight-line Declining Balance Difference
2010 $400 $853 $453
2011 400 569 169
2012 400 379 (21)
Total $1,200 $1,801 $601
REQUIRED
1. Briefly describe the way Clinton should report this accounting change in the 2012–2013 comparative financial statements.
2. Prepare any 2013 journal entry related to the change.
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