Frimah's, Inc. purchased a harvesting equipment for $1,000,000 on Jan 1, 2020. The company estimated that the equipment would have a 15 life, with $10,000 salvage value. Additionally, Frimah's uses the straight-line depreciation method. Due to rapid technological advances in the industry, management decided that the equipment would have a useful life of 12 years instead of 15. The decision was made at the end of 2022 (before adjusting and closing entries).

1. What type of Accounting Change is this?

2. Is the needed correction propspective or retrospective?

3. Determine the annual depreciation expense for 2020 and 2022.