Each of the following situations occurred during $2024$ for one of your audit clients:

An inventory write$-$down due to obsolescence.

Discovery that depreciation expenses were omitted by accident from $2023$s income statement.

The useful lives of all machinery were changed from eight to five years.

The depreciation method used for all equipment was changed from the declining$-$balance to the straight$-$line method.

Restructuring costs were incurred.

The Stridewell Company, a manufacturer of shoes, sold all of its retail outlets. It will continue to manufacture and sell its shoes to other retailers. A loss was incurred in the disposition of the retail stores. The retail stores are considered a component of the entity.

The inventory costing method was changed from FIFO to average cost.

Required:

For each situation, select the appropriate reporting treatment from the list below $($consider each event to be material$)$:

As an unusual gain or loss

As a prior period adjustment

As a change in accounting principle

As a discontinued operation

As a change in accounting estimate

As a change in accounting estimate achieved by a change in accounting principle

Indicate whether each situation would be included in the income statement in continuing operations $($CO$)$ or below continuing operations $($BC$),$ or if it would appear as an adjustment to retained earnings $($RE$).$