Briefly describe the way clinton should report this


For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2008 for $2,560,000. Its useful life was estimated to be six years with a $160,000 residual value. At the beginning of 2011, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows ($ in 000s):

Required:

1. Briefly describe the way Clinton should report this accounting change in the 2010-2011 comparative financial statements.

2. Prepare any 2011 journal entry related to the change.

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Accounting Basics: Briefly describe the way clinton should report this
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