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. 1 On January 1, 2018, Mick Company purchased office equipment at a cost of $600,000. The company determined the useful life to be 5 years with $40,000 residual value. On January 1, 2021, the company adjusted the total useful life to 8 years with no residual value. Straight-Line Depreciation method is being used