The Appleton Company was depreciating a building using the straight-line method over a 40-year period. After five years, the company discovered that salvage value had been ignored in the computation of the annual depreciation expense. Based on this information, the accountant should: Select one: a. Continue to depreciate the building, ignoring the salvage value. b. Depreciate the remaining book value over the remaining life of the asset, now taking into account the salvage value. c. Adjust accumulated depreciation to its appropriate balance, through retained earnings, based on having always correctly used the salvage value, and then continue to depreciate the adjusted book value less salvage value. d. Adjust accumulated depreciation to its appropriate balance through net income, based on having always correctly used the salvage value, and then continue to depreciate the adjusted book value less salvage value. An example of a retrospective accounting application is a change: Select one: a. From the FIFO method of inventory valuation to the LIFO method b. In the service life of plant assets, based on changes in the economic environment c. From declining balance to straight-line depreciation d. From the LIFO method of Inventory Valuation to the FIFO method