The Typhoon Company discovers an overstatement of depreciation in a prior year. What is required?

Select one:

a. A restatement of financial statements and a credit to Accumulated Depreciation

b. A restatement of financial statements and a debit to Accumulated Depreciation

c. No restatement of financial statements and a credit to Accumulated Depreciation

d. No restatement of financial statements and a debit to Accumulated Depreciation