According to the ASC 250 'Accounting Changes and Error Corrections', a change in accounting principle requires retrospective treatment. Retrospective application requires all the following EXCEPT: a. Financial statements for each individual prior period presented shall be adjusted to reflect the period-specific effects of applying the new accounting principle. b. An offsetting adjustment, if any, shall be made to the opening balance of retained earnings for that period. c. Indirect effects that would have been recognized if the newly adopted accounting principle had been followed in prior periods shall be included in the retrospective application. d. The cumulative effect of the change to the new accounting principle on periods prior to those presented shall be reflected in the carrying amounts of assets and liabilities as of the beginning of the first period presented. Rudy's Farm Equipment leases non-specialized equipment with a fair value of $200,000 to a ocal farmer for 3 years. The equipment has a useful life of 15 years. The lease does not transfer ownership nor does it provide a purchase option, and collection of the lease payments is probable. Which of the following occurrences would result in Rudy's Farm Equipment classifying the lease as a sales type lease? a. The duration of the lease is increased to 10 years. b. The leased equipment does not have an expected, alternative use to Rudy's Farm Equipment. c. The net present value of all lease payments is $175,000. d. The lease includes a purchase option, however, the local farmer does not have the financial resources available to exercise this option