The method of depreciation was changed from thedeclining-balance method to thestraight-line method in fiscal 2022. A machine was purchased on January15, 2020, at a cost of $180,250.The machine has an estimated useful life of 12 years and a residual value of $9,500. What is the appropriateaccounting for this item?

Question 32 options:

Retrospective adjustment for fiscal 2022.

Error correction for fiscal 2022.

Prospective adjustment from fiscal 2021 going forward.

Retrospective adjustment for fiscal 2020 and 2021.