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Question 13 The three presentation options for accounting changes and error analysis are listed below a Change in accounting principle b. Change in accounting estimate c. Change in reporting entity d. Error correction INSTRUCTIONS Following are a series of situations. You are to select the letter that corresponds with the best presentation of the iten on the financial statements for 20x1. In 20x1, the company incurred interest expense of $36,000 on a 20-year bond issue In 20x1, the company changed its method of recognizing income from the completed contract method to percentage of completion method - In 20x1, the company changed its method of depreciating plant assets from the double-declining balance method to the straight-line method. In 20x1, the company discovered it was using an unaccepted accounting principle to account for certain items and adopts an accepted principle. A computer that was purchased in 20xl was estimated to have a ten years in 20 is w codered to have a 2 years late Afet careful consideration, the used in calculating estimated warranty costs is increased During 20x1, a long-term bond with a book value of 54,500,000 was retired at a cost of $5,140,000 In ccepting the depreciation in 20x1 for eg e nt, n or was made which overstated income in that year 55.000 The error was discovered in 20 At the end of 20x1, an audit revealed that the corporation's allowance for doubtful accounts was too large and should be reduced to 3% When the audit was made in 20x0the allowance seemed appropriate Depreciation on a truck, acquired in 2001, was understated because the service life had been overestimated. The understatement had been made in order to show higher net income in 20x1, 20x2, and 20x3