Type: policy, estimate, accounting error

approach:prospective,retrospective no restatement,retrospective with restatement

Analyze each case and choose the appropriate type and approach to indicate the preferable accounting. a) Changed useful life of a machine based on evidence of wear and tear over time. Type: Approach: select answer select answer b) Change in residual value of an intangible operational asset based changed economic circumstances. Type: Approach: select answer select answer c) Changed measurement method for asset retirement obligations to present value basis instead of undiscounted estimated costs. Type: Approach: select answer select answer d) Changed from cost to fair value basis for investments to conform to new accounting standard. Type: Approach: select answer select answer ed, no e) Changed from FIFO to average cost for inventory to conform to industry practice. No prior balances can be recons even opening balances. Type: Approach: Policy Retrospective with restatement f) Recorded expense, $17,200, should be $71,200. Type: Approach: select answer select answer g) Changed from completed contract to percentage of completion for for all contracts spanning more than two fiscal years. All prior balances can be reconstructed. Type: Approach: select answer select answer h) Changed from straight-line to accelerated depreciation to reflect the company's changing technological environment. Type: Approach: select answer select answer i) Discovered that a capital asset with a 10-year life had been expensed when acquired five years ago. Type: Approach: select answer select