The Peridot Company purchased machinery on January $2,2022,$ for $$810,000.$ A five$-$year life was estimated and no residual value was anticipated. Peridot decided to use the straight$-$line depreciation method and recorded $$162,000$ in depreciation in $2022$ and $2023.$ Early in $2024,$ the company revised the total estimated life of the machinery to eight years.

Required:

What type of change is this?

Is Peridot required to revise prior years' financial statements as a result of the change?

Is Peridot required to provide a disclosure note to report the change?

Determine depreciation for $2024.$

Type of change

Is Peridot required to revise prior years' financial statements?

Is Peridot required to provide a disclosure note to report the change?

New annual depreciation