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Described below are three independent and unrelated situations involving accounting changes. Each change occurs during $2024$ before any adjusting entries or closing entries are prepared.

a$.$ On December $30,2020,$ Rival Industries acquired its office building at a cost of $$10,200,000.$ It has been depreciated on a straight$-$line basis, assuming a useful life of $40$ years and no residual value. Early in $2024,$ the estimate of useful life was revised to $28$ years in total with no change in residual value.

b$.$ At the beginning of $2020,$ the Hoffman Group purchased office equipment at a cost of $$385,000.$ Its useful life was estimated to be $10$ years with no residual value. The equipment has been depreciated by the straight$-$line method. On January $1,2024,$ the company changed to the double$-$declining$-$balance method.

c$.$ At the beginning of $2024,$ Jantzen Specialties, which uses the straight$-$line method, changed to the double$-$declining$-$balance method for newly acquired vehicles. The change decreased current year net income by $$465,000.$

Required:

Identify the type of change.

Prepare any journal entry necessary as a direct result of the change as well as any adjusting entry for $2024$ related to the situation described. $($Ignore income tax effects.$)$

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Prepare any journal entry necessary as a direct result of the change as well as any adjusting entry for $2024$ related to the situation described. $($Ignore income tax effects.$)$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Book

$$ View journal entry worksheet

$\backslash$table$[[,$No$,$date,General Journal,Debit,Credit$],[,1,2024,$No journal entry required,,$],[\%,2,2024,$Depreciation expense,,$],[,,,$Accumulated depreciation,,$],[,3,2024,$No journal entry required,,$],[1,4,2024,$Depreciation expense,,$],[,,,$Accumulated depreciation,,$],[,5,2024,$No journal entry required,,$]]$

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