Hello, can someone please help me on this assignment?

1.Which of the following is not an example of an accounting error that would require correction?

A) Changing from the cash basis to accrual basis of accounting

B) Adopting a depreciation policy that sets all useful lives at 40 years, regardless of the asset

C) Failure to include a significant $50,000 salvage value in computing the depreciation base for the straight-line method

D) Determining a portion of Goodwill recorded in a prior year acquisition has been impaired

2. Which of the following disclosures is not required for a change from LIFO to FIFO?

A) the cumulative effect on prior years, net of tax, in the current retained earnings statement

B) indirect effect impact related to the change in accounting principle

C) the justification for the change D) restated prior year income statements

3.On January 2, 2025, Hernandez, Inc. signed a ten-year noncancelable lease for a heavy-duty drill press. The lease stipulated annual payments of $300,000 starting at the beginning of the first year, with title passing to Hernandez at the expiration of the lease. Hernandez treated this transaction as a finance lease. The drill press has an estimated useful life of 15 years, with no salvage value. Hernandez uses straight-line depreciation for all of its plant assets. Aggregate lease payments were determined to have a present value of $2,027,706, based on implicit interest of 10%. In its 2025 income statement, what amount of interest expense should Hernandez report from this lease transaction?

A) $150,000 B) $0 C) $172,771 D) $180,000

4. In a finance lease, the lease receivable amount includes the present value of

A) rental payments only.

B) rental payments plus the present value of the unguaranteed residual value only.

C) rental payments plus the present value of the guaranteed residual value only.

D) rental payments plus the present value of the expected residual value probable of being owed

5. Differing measures of the pension obligation can be based on

A) all years of service-both vested and nonvested - using current salary levels.

B) annual contributions to the pension fund.

C) only the nonvested benefits using current salary levels.

D) the expected return on plan assets.