Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2001 by two engineers with little business 2017, the company was acquired by one of its major customers. As part following facts were discovered. The audit occurred during 2017 before any adjusting entries or closing were prepared. a. A five-year casualty insurance policy was purchased at the beginning of 2015 for $33,000. The full amount was debited to insurance expense time. b. Effective January 1, 2017, the company changed the salvage value used in calculating depreciation for its office building. The building cost $604,000 on December 29, 2006, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $120,000. Declining real estate values in the area indicate that the salvage value will be no more than $30,000. c. On December 31, 2016, merchandise inventory was overstated by $23,000 due to a mistake in the inventory count using the period inventory system. d. The company changed inventory cost methods to FIFO from LIFO at the end of 2017 for both financial statement and income tax purposes. The change will cause a $940,000 increase in the beginning inventory at January 1, 2018. e. At the end of 2016, the company failed to accrue $15, 100 of sales commissions earned by employees during 2016. The expense was recorded when the commissions were paid in early 2017. Required: For each situation Prepare any journal entry necessary as a direct result of the change or error correction as well as any adjusting entry for 2017 related to the situation described. (Ignore tax effects.) If no entry is required for a particular transaction, input "no entry