Lore Co. changed from the cash basis to the accrual basis of accounting during 2017. The cumulative
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Question:
Lore Co. changed from the cash basis to the accrual basis of accounting during 2017. The cumulative effect of this change should be reported in Lore's 2017 financial statements as a
Component of income after extraordinary item.
Prior period adjustment resulting from the correction of an error.
Prior period adjustment resulting from the change in accounting principle.
Adjustment to retained earnings for an accounting principle change.
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