4 On December 31, 2020, Sun Supply Company performed an inventory count and determined ending inventory to be $165,000. In March 2021, the accounting intern noticed that $40,000 of inventory was in transit at year end. This inventory was being shipped FOB shipping point and was owned by Sun during shipment. The inventory in shipment was not included in the $165,000 inventory amount. Described below are five independent and unrelated situations involving accounting changes. Assume for each situation that it is 2021 . Therefore, your solution and any entries will be prepared for 2021. Also assume that it is before any adjusting entries or closing entries were made in 2021. gnore income tax effects. REQUIRED: For each situation below: A Identify the type of change. B Identify if a Retrospective, Modified Retrospective, or Prospective is needed. C Prepare the 2021 journal entry necessary due to the situation, as well as any adjusting entry needed in 2021