Question 12) (18 marks) Hedge Co. bought a fork-lift on January 1, 2024, for $460,000. It had a $10,000 estimated residual value and a fifteen-year life. An expense account was debited on the purchase date. Hedge Co. uses straight-line depreciation. This was discovered on December 8, 2026, before the company's fiscal year end of December 31 (and therefore, before the year-end adjusting entries have been recorded). Required: 1) The profession has established categories for the different types of changes that occur in practice. What type of accounting change is necessary in regard to Hedge Co.? 2) Prepare the necessary entry(ies) related to the fork-lift for 2026. Assume the current date is December 8, 2026. 3) Assume in 2029 and prior to recording the current year's adjustment for depreciation expense on the fork-lift, the company decides to change the total estimated service life of the fork-lift from fifteen-years to seventeen-years. Record the appropriate December 31, 2029 adjusting entry for depreciation on this fork-lift