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Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries were prepared. Assume the tax rate for each company is 25% in all years. Any tax effects should be adjusted through the deferred tax liability account. a. Fleming Home Products introduced a new line of commercial awnings in 2020 that carry a oneyear warranty against manufacturer's defects. Based on industry experience, warranty costs were expected to approximate 3% of sales. Sales of the awnings in 2020 were $3,000,000. Accordingly, warranty expense and a warranty liability of $90,000 were recorded in 2020. In late 2021, the companis claims experience was evaluated, and it was determined that claims were far fewer than expected: 2% of sales rather than 3%. Sales of the awnings in 2021 were $3,500,000, and warranty expenditures in 2021 totaled $79,625. b. On December 30, 2017, Rival Industries acquired its ofce building at a cost of $900,000. It was depreciated on a straightline basis assuming a useful life of 40 years and no salvage value. However, plans were nalized in 2021 to relocate the company headquarters at the end of 2025. The vacated ofce building will have a salvage value at that time of $650,000. c. HobbsBarto Merchandising, lnc., changed inventory cost methods to LIFO from FIFO at the end of 2021 for both nancial statement and income tax purposes. Under FIFO, the inventory at January 1, 2021, is $640,000. d. At the beginning of 2018, the Hoffman Group purchased ofce equipment at a cost of $275,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years'-digits method. On January 1, 2021, the company changed to the straightline method. e. In November 2019, the State of Minnesota led suit against Huggins Manufacturing Company, seeking penalties for violations of clean air laws. When the nancial statements were issued in 2020, Huggins had not reached a settlement with state authorities, but legal counsel advised Huggins that it was probable the company would have to pay $150,000 in penalties. Accordingly, the following entry was recorded: Losslitigat ion 150,666 Lia bilitylit igat ion 150J 800 Late in 2021, a settlement was reached with state authorities to pay a total of $295,000 in penalties. Late in 2021, a settlement was reached with state authorities to pay a total of $295,000 in penatties. f. At the beginning of 2021, Jantzen Specialties, which uses the sumoftheyears'digits method, changed to the straightline method for newly acquired buildings and equipment. The change increased current year net earnings by $390,000. Required: For each situation: 1. Identify the type of change. 2. Prepare anyjoumal entry necessary as a direct result of the change, as well as any adjusting entry for 2021 related to the situation described. Complete this question-by entailing-you; answers in the tabs beiow. Required 1 Remfred 2 Identify the type of change. View transaction list Record journal entry as a direct result of the change. Record adjusting entry for change in 1.Iii'arranty. Record journal entry as a direct result of the change. Record adjusting entry for depreciation. Record journal entry as a direct result of the change. Record the adjusting entry for change in inventory cost method. Record journal entry as a direct result of the change. 11 } 1U 11 Note Record adjusting entry for depreciation. Record journal entry as a direct result of the change. Record journal entry as a direct result of the change. Record the adjueting entry for change in depreciation method from eum-ofthe-yeare'-digite method to straightline method. : . = journal entry has been entered I I I I J