Question 9 (12 marks) Assume that you are a senior manager for an accounting firm. Your client is confused about the accounting treatment for the following events. Prepare a brief set of notes on the advice and/or recommendations that you would give a client related to the following events and questions. Be sure to include reasons for your recommendations and give 'adjusting journal entries that would be required, if necessary. Assume a Dec. 31 year end. The company is currently preparing its 2020 financial statements: d) In 2019, a contingency for a lawsuit against the company was originally deemed possible, but not probable. In 2020, the company lost the lawsuit, and was required to pay out $500,000. The company had properly followed IFRS rules in 2019. e) The company is considering changing the percentage of sales used to estimate bad debt expense for 1% to 3% because they have been underestimating bad debts in the past. f) The company accountant has told you that she is confused about how to consider accounting changes". What factors should be considered in determining whether the change' is a change in policy, correction of an error, or a change in estimate