Described below are six independent and unrelated situations involving accounting changes. Each change occurs during 202

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Described below are six independent and unrelated situationsinvolving accounting changes. Each change occurs during 2021 beforeany adjusting entries or closing entries were prepared. Assume thetax rate for each company is 25% in all years. Any tax effectsshould be adjusted through the deferred tax liabilityaccount.
Late in 2021, a settlement was reached with state authorities topay a total of $416,000 in penalties.
Required:For each situation:1. Identify the type of change.2. Prepare any journal entry necessary as adirect result of the change, as well as any adjusting entry for2021 related to the situation described.
Prepare any journal entry necessary as a direct result of thechange, as well as any adjusting entry for 2021 related to thesituation described. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field.)
Journal entry worksheet
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