21.No restated prior-year financial statements will be issued for which method(s) of recording voluntary accounting changes?

Select one:

a. Both Prospective and Retrospective

b. Neither Retrospective nor Prospective

c. Prospective, but not Retrospective

d. Retrospective, but not Prospective

26.Failure to record which item is a counter-balancing (self-correcting) error?

Select one:

a. Common Stock Issuance

b. Depreciation (using double-declining balance)

c. Depreciation (using straight-line)

d. Accrued Expense

Given the following 2023 information for the Pinto Company:

Increase in Wages Payable $ 400

Operating Expenses $5,000

Total Cash paid for expenses $4,100

12/31/23 Prepaid Insurance $1,200

On July 1, 2022, Janik Corp. acquired a machine at a cost of $750,000. It was to be depreciated on the sum-of-the-years-digits method over a five-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in Janik's 2022 and 2023 financial statements. The oversight was discovered during the preparation of Janik's 2024 financial statements. Accumulated Depreciation for the machine on the 12/31/24 balance sheet should be:

Select one:

a. $250,000

b. $375,000

c. $450,000

d. $600,000

e. $525,000