21. According to the IASB, companies should use which method for reporting changes in accounting estimates? a. cumulative effect approach b. retrospective approach c. prospective approach d. averaging approach e. All incorrect 22. Which of the following is not treated as a change in accounting policy? a. A change from average cost to FIFO for inventory valuation b. A change from full-cost to successful efforts in the extractive industry c. A change from cost-recovery to percentage-of-completion d. A change in depreciation estimates for plant assets e. All incorrect 23. On January 1, 2016, All Corporation acquired equipment at a cost of $540,000. All Cor. adopted the straight-line method and an estimated the useful life of 8 years, with a residual value of $40,000. At the beginning of 2019, a decision was made to change to the double-declining balance method of depreciation for this equipment. Compute the depreciation expense for 2019? a. $70,500. b. $141,000 c. $62,500. d. $108,000. e. None of the above correct 24. As of December 31st 2019, ABC Co. reported the following information about its investing, financing and operating transactions: Sale of land $180,000. Purchase of inventory $845,000. Purchase of treasury shares $72,000. Purchase of equipment $415,000. Issuance of ordinary shares $320,000. Sale of equity investments $59,000. Compute ABC Co's net cash flows provided (used) by financing activities: a. (176,000) b. (294,000) c. (891,000) d. 248,000 e. All incorrect