The following are three independent, unrelated sets of facts relating to accounting changes Situation 1: Sanford Company is in the process of having its first audit. The company has used the cash basis of accounting for revenue recognition. Sanford president, B. 1. Jimenez, is willing to change to the accrual method of revenue recognition Situation 2: Hopkins Co decides in January 2021 to change from FIFO to weighted average pricing for its inventories Situation 3: Marshall Co. determined that the depreciable lives of its foxed assets are too long at present to fairly match the cost of the fixed assets with the revenue produced. The company decided at the beginning of the current year to reduce the depreciable lives of all of its existing foxed assets by 5 years. For each of the situations described, provide the information indicated below. Type of accounting change T I eTextbook and Media W Wor