At the beginning of $2024,$ Wagner Implements undertook a variety of changes in accounting methods, corrected several errors, and instituted new accounting policies.

Required:

Identify for each item below the type of change and the reporting approach Wagner would use.

Type of Change $($choose one$)$

P$.$ Change in accounting principle

E$.$ Change in accounting estimate

EP$.$ Change in estimate resulting from a change in principle

X$.$ Correction of an error

N$.$ Neither an accounting change nor an accounting error.

Reporting Approach $($choose one$)$

R$.$ Retrospective approach

P$.$ Prospective approach

$\backslash$table$[[$Item$,\backslash$table$[[$Type of$],[$Change$]],\backslash$table$[[$Reporting$],[$Approach$]]],[\backslash$table$[[1.$ By acquiring additional stock, Wagner increased its investment in Wise, Incorporated, from a $12\%$ interest to$],[25\%$ and changed its method of accounting for the investment to the equity method.$]]],[\backslash$table$[[2.$ Wagner instituted a postretirement benefit plan for its employees in $2024.$ Wagner did not previously have$],[$such a plan.$]]],[\backslash$table$[[3.$ Wagner changed its method of depreciating computer equipment from the SYD method to the straight$-$line$],[$method$.]]],[\backslash$table$[[4.$ Wagner determined that a liability insurance premium it both paid and expensed in $2023$ covered the $2023-$