Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2016 before any adjusting entries or closing entries are prepared. Required: 2. Prepare any journal entry necessary as a direct result of the change as well as any adjusting entry for 2016 related to the situation described. (Ignore income tax effects.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On December 30, 2012, Rival Industries acquired its office building at a cost of $12,300,000. It has been depreciated on a straight-line basis assuming a useful life of 30 years and no residual value. Early in 2016, the estimate of useful life was revised to 18 years in total with no change in residual value. This is a change in: (e) estimate O accounting principle accounting principle that is accounted for a change in estimate. View transaction list Journal entry worksheet 2 Record the necessary entry to record the direct result of the change in situation a