48 FASS surprised everyone by publishing a pronouncement that calculating lower of cost or market by dasses of merchandise is no longer GAAP. Since our company does calculate lower of cost or market this way, we have to change to another method. What is the probable appropriate accounting treatment for this situation? We account for this retrospectively We account for this prospectively As management, we can choose whether to account for this either prospectively or retrospectively 49 This year, we will use the double dedining balance method of determining depreciation expense. In previous years, we used the straight line method. How would we account for this change? A Prospectively Retrospectively C As management, we can choose whether to account for this either prospectively or retrospectively The change is illegal, so we wouldn't do it and wouldn't account for it. 50 Where on the statement of cash flows do we show "proceeds from Issuing preferred stock"? A cash flows from operating activities B cash flows from investing activities C cash flows from firanding activites nowhere. It does not go on the statement of cash flows D