Problem 11-10 Accounting changes; three accounting situations (LO11-2, 11-5. 11-6] Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2018 before any adjusting entries or closing entries are prepared a On December 30, 2014, Rival Industries acquired its office building at a cost of $11 500,000. It has been depreciated on a straight- line basis assuming a useful life of 40 years and no residual value Early in 2018, the estimate of useful life was revised to 28 years in total with no change in residual value b. At the beginning of 2014, the Hoffman Group purchased office equipment at a cost of $770,000. Its useful life was estimated to be 10 vears with no residual value the equipment has been depreciated by the sum-of-the-years digits method On January 1 2018 the company changed to the straight line method At the beginning of 2018. Jantzen Specialties which uses the sum of the years digits method, changed to the straight-line method for newly acquired buildings and equipment. The change ancreased current year net income by $595000 Required: 1. Identify the type of change 2. Prepare any journal entry necessary as a direct result of the change as well as any adjusting entry for 2018 related to the situation described, Ignare income tax effects Complete this question by entering your answers in the tabs below. Required 1 Required 2 identify the type of change. Type of Change Required 2