An entity is considering events that may have an effect on accounting treatments. For each event below, select from the option lists provided the appropriate description and accounting treatment. Assume that all events are material in amount. A choice may be used once, more than once, or not at all. Event Description Accounting treatment 1. Change in long-term construction contract from the completed-contract method to the percentage-of-completion method 2. Write-off of uncollectible receivables under the allowance method 3. Change in salvage value of a depreciable asset 4. Change in the useful life of a patent 5. Inventory costing method changed from LIFO to FIFO 6. An increase in the estimated effective tax rate 7. A change in depreciation method