When a company changes from FIFO to LIFO, this is an example of an O accounting error O change in accounting principle o change in accounting estimate o change in accounting principle and estimate QUESTION 8 In 2016, internal auditors discovered that Kawhi, Inc., had debited an expense account for the $100,000 cost of a machine purchased on January 1, 2013. The machine's useful life was expected to be 10 years with no residual value. The result of this error as of January 1, 2016 is O assets are overstated by $100,000 and retained earnings are overstated by $100,000 O assets are overstated by $70,000 and retained earnings are overstated by $70,000 O assets are understated by $70,000 and retained earnings are understated by $70,000 O assets are overstated by $30,000 and retained earnings are overstated by $30,000 O assets are understated by $30,000 and retained earnings are understated by $30,000 QUESTION 9 Robbin's land account increased by $50,000. No other information is provided. In the statement of cash flows, Robbins should report a O cash inflow from investing activities of $50,000 O cash outflow from investing activities of $50,000 O cash outflow from financing activities of $50,000 O cash inflow from financing activities of $50,000