Here are a few different types of accounting transactions that accountants may encounter. How are the following items recorded in the accounting records in the current year of XYZ corporation?

1. Impairment of goodwill.

2. A change in depreciating plant assets from accelerated to the straight-line method.

3. Large write-off of inventories because of obsolescence.

4. Change from LIFO to FIFO method for inventory valuation purposes.

5. Change in the estimate of service lives for plant assets.