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. 2 Sally's Sheds produces back yard storage sheds. In 2020 Sally's began providing a one year warranty. The warranty costs were expected to be approximately 2% of sales revenue. Sales in 2020 were $3,000,000. Because the waranty was new to Sally's business, Sally's forgot to do an accrual entry in 2020. During 2020 , the company paid and expensed $20,000 of warranty costs