Please answer the following question(s): Sometimes a business entity will change its method of accounting for certain items. The change may be classified as a change in accounting princ change in accounting estimate, or a change in reporting entity. Listed below are three independent, unrelated sets of facts relating to accounting changes. Situation I: A company determined that the depreciable lives of its fixed assets are presently too long to fairly match the cost of the fixed assets revenue produced. The company decided at the beginning of the current year to reduce the depreciable lives of all of its existing fixed assets by f years. Situation II: On December 31, 2020, Gary Company owned 51% of Allen Company, at which time Gary reported its investment on a nonconsolid basis due to political uncertainties in the country in which Allen was located. On January 2, 2021, the management of Gary Company was satisfie the political uncertainties were resolved and the assets of the company were in no danger of nationalization. Accordingly, Gary will prepare cons financial statements for Gary and Allen for the year ended December 31, 2021. Situation III: A company decides in January 2021 to adopt the straight-line method of depreciation for plant equipment. The straight-line method used for new acquisitions as well as for previously acquired plant equipment, for which depreciation had been provided on an accelerated basis. Required: For each of the situations described above, provide the information indicated below in a minimum of one paragraph. Complete your discussion o situation before going on to the next situation. 1. Type of accounting change. Explain why. 2. Manner of reporting the change under current generally accepted accounting principles: retrospectively or prospectively? Explain why. 3. Should a disclosure note be provided in connection with the change? If yes, provide an example disclosure