In each of the following situations, identify whether the change (or correction) should be made prospectively or retrospectively and identify the type of change (Change in Accounting Estimate, Change in Accounting Policy or a correction of prior period error)

1) When the company purchased its equipment, it estimated that the equipment would have a useful life of ten years. Now, eight years later, it appears that the equipment will be useful for an additional five years from the current date.

2) When the company purchased land several years ago, the accounting clerk posted the journal entry to buildings instead of land. This was only discovered this year. Depreciation has been recorded on the total value in the buildings account each year.

3)Management has elected to change from the double declining balance depreciation to the straight-line method, because the pattern of benefits has changed.

4)In 2021 all supplies were expensed as purchased. In 2022 it was discovered that $25,000 of supplies were still on hand that had been purchased in 2021. When the discovery was made, the books for 2021 were already closed.

5)Management has decided to change from the weighted average method of inventory valuation to specific identification due to an improved ability to track each item of inventory. The specific identification is considered reliable and more relevant.