Nitro Corporation is finalizing their December 31, 2020 financial statements. Management has discovered that a $4,000,000 machine purchased on January 2, 2017 was incorrectly recorded to an expense account. It should have been recorded as an asset. At acquisition, management believed that the machine was expected to last 5 years with no residual value. Nitro uses the straight line method on all assets for both tax and accounting, and records depreciation to the nearest whole month. Nitro correctly recorded the asset for income tax purposes. The tax rate for all years is 20%. Required a. Assume Nitro will apply retrospective application with full restatement. Prepare the journal entries required to recognize the accounting change, including any entries required for the current year. (9 marks) b. Why is Niro accounting for this accounting change using retrospective application with full restatement? (1 mark)