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In Each part of the question specify the classification of the transaction (correction of an error, change in accounting principle, or change in accounting estimates), the accounting treatment for transaction (restatement approach, retrospective application, or prospective application) and the dollar amount of transaction Part I-Depreciation (5 marks) In January of Year 1, an entity purchased a machine with a five-year life and no salvage value for $40,000. The machine was depreciated using the straight-line method. On December 31, Year 2, the entity discovered that depreciation on the machine had been calculated using a 25% rate. 1: Classification of transaction 2: Accounting treatment for transaction 3: Dollar amount of transaction Part II-FIFO Inventory (5 marks) Effective January 1, Year 2, an entity changed from the average cost method to the FIFO method to account for its finished goods inventory. Cost of goods sold under each method was as follows: Years Prior to year 1 Year 1 Average Cost $71,000 79,000 FIFO $77,000 82,000 1: Classification of transaction 2: Accounting treatment for transaction 3: Dollar amount of transaction