Choose from the following options:

1.	Change in Accounting Policy - Prospective Application
2.	Change in Accounting Policy - Retrospective Application
3.	Change in Accounting Estimate - Prospective Application
4.	Change in Accounting Estimate - Retrospective Application
5.	Error Correction - Prospective Application
6.	Error Correction - Retrospective Application
7.	None of the above

Choose the accounting change type and treatment for each of the following independent situations for ACME Incorporated's December 31, 2021 fiscal year end, assuming that the company reports under IFRS. Choices can be used more than once and only one choice is applicable to each situation. During 2021, a long-term bond with a carrying value of $3,600,000 was retired at a cost of $4,100,000. The company switched from average cost to FIFO inventory costing during the current year. In calculating the depreciation in 2018 for buildings, an error was made which overstated income in that year by $ 75,000 . The error was discovered in 2020. ACME revised the expected service life on a truck, acquired in 2018, from 10 years to 6 years due to a change in usage. To match the practice in the industry and enhance comparability of financial information, management decided to switch from the completed-contract method to the percentage-ofcompletion method for long-term contracts. 1. Change in Accounting Policy Prospective Application 2. Change in Accounting Policy Retrospective Application 3. Change in Accounting Estimate Prospective Application 4. Change in Accounting Estimate Retrospective Application 5. Error Correction - Prospective Application 6. Error Correction - Retrospective Application 7. None of the above