37 We voluntarily change from the LIFO method to the FIFO method of accounting for inventory A We account for this prospectively B We account for this retrospectively As management, we can choose whether to account for this either prospectively or retrospectively C 38 Our company bought a machine on January 1 of year 1. The machine's cost was $74,000, its useful life was estimated to be 10 years, and the salvage value was estimated to be $8,000. After three years of using straight line depreciation, the accumulated depreciation was $19,800. At the beginning of year 4, we decided the remaining useful life was only 5 years, and there would be no salvage value. An entry made in year 4 would include a debit to depreciation expense of $23,100. a debit to retained earnings a credit to retained earnings a debit to depreciation expense of $10,840, None of the other answers is correct B m> C D