HiPres Pte. Ltd. bought a piece of equipment for $2,000,000 on 1 January 20X1. On January 20X3, using the information obtained over the past few years, HiPres decided to revise the useful life of the equipment. The useful life was revised from being a total of 5 years to being a total of 8 years. The equipment was originally depreciated on the straight-line basis over its useful life and it was expected that the asset has no residual value. No depreciation has been provided in the current period.) Is this a prior period error? Discuss why. (ii) Prepare the journal entry to account for the change and discuss your answer. Assuming that the change had a material effect on financial performance for the period, prepare an appropriate supporting hotel