Suppose you are a financial consultant and the following item has been brought to your attention: Bennett Company changed its method of accounting for depreciation from the double-declining method of depreciation to the straight-line method. The cumulative difference for all prior years was $76,900. Required: a. From the pull-down menu, select the appropriate income statement classifications of the item. b. Determine the amount related to the item that would appear in the income statement. c. Determine whether the item will increase or decrease the net income. Notes: 1. Assume a tax rate of 41%. 2. All items are material. Classification What is the amount related to the item? Would net income increase or decrease? Increase Decrease Choose One SO X 2 Suppose you are a financial consultant and the following item has been brought to your attention: Bennett Company changed its method of accounting for depreciation from the double-declining method of depreciation to the straight-line method. The cumulative difference for all prior years was $76,900. Required: a. From the pull-down menu, select the appropriate income statement classifications of the item. b. Determine the amount related to the item that would appear in the income statement. c. Determine whether the item will increase or decrease the net income. Notes: 1. Assume a tax rate of 41%. 2. All items are material. Classification What is the amount related to the item? Would net income increase or decrease? Increase Decrease Choose One SO X 2