Classic Coverings (established in 2010) is in the process of updating its accounting policies for inventory costing,

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Question:

Classic Coverings (established in 2010) is in the process of updating its accounting policies for inventory costing, depreciation, and amortization. Decisions to implement a change on January 1, 2015, have gone forward, and information regarding the asset is below. December 31 is Classic Coverings' year-end, and assume there is no income tax.
Classic Coverings purchased a patent with no residual value on January 1, 2011, for $13,600. The patent was being amortized over its legal life of 17 years using the straight-line method. The company decided to change the useful life to a more accurate total of 12 years on January 1, 2015.

a) Select the accounting change necessary in this situation.

Type of change =(Select one)

b) Select the approach which should be used.

Approach =(Select one)

c) Record the journal entries for amortization on December 31, 2014; the 2015 entry to record the accounting change in 2015 if any; and the amortization adjustment entry at the end of 2015. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places.

d) Calculate how the 2014 financial statements are reported in the 2015 comparative statement. If there is no adjustment required enter a $0 value. Please make sure your final answer(s) are accurate to the nearest whole number.