The Peridot Company purchased machinery on January 2, 2019, for $850,000. A five-year life was estimated and no residual value was anticipated. Peridot decided to use the straight-line depreciation method and recorded $170,000 in depreciation in 2019 and 2020. Early in 2021, the company revised the total estimated life of the machinery to eight years. Required: 1. What type of change is this? 2. Is Peridot required to revise prior years' financial statements as a result of the change? 3. Is Peridot required to provide a disclosure note to report the change? 4. Determine depreciation for 2021. Answer is complete but not entirely correct. 1. 2. Change in accounting estimate No 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 3. OOC Yes 4 S 98,000 X