The Peridot Company purchased machinery on January 2, 2022, for $970,000. A five-year life was estimated and no residual value was anticipated. Peridot decided to use the straight-line depreciation method and recorded $194,000 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.