explain why on each question

7.1	Which of the following is accounted for prospectively? A) Changes from Average to FIFO. B) Change in reporting entity. C) Correction of an error. D) Change in the percentage used to determine warranty expense.
7.2	Early in 2016, Brandon Transport discovered that a five-year insurance premium payment of $250,000 at the beginning of 2013 was debited to insurance expense. The correcting entry would include: A) A debit to prepaid insurance of $250,000. B) A debit to insurance expense of $100,000. C) A debit to prepaid insurance of $150,000. D) A credit to retained earnings of $100,000.
7.3	Lamont Communications has amortized a patent on a straight-line basis since it was acquired in 2013 at a cost of $50 million. During 2016 management decided that the benefits from the patent would be received over a total period of 8 years rather than the 20-year legal life being used to amortize the cost. Lamont's 2016 financial statements should include: A) A patent balance of $50 million. B) Patent amortization expense of $2.5 million. C) Patent amortization expense of $5 million. D) A patent balance of $34 million.
7.4	In 2016, it was discovered that Trilogy Company had debited expense for the full cost of an asset purchased on January 1, 2013. The cost was $12 million with no expected residual value. Its useful life was 5 years and straight-line depreciation is used by the company. The correcting entry assuming the error was discovered in 2016 before the adjusting and closing entries includes: A) A credit to accumulated depreciation of $7.2 million. B) A debit to accumulated depreciation of $4.8 million C) A credit to an asset of $12 million. D) A debit to retained earnings of $4.8 million.