Bennett Corp., which began operations in January 2014, follows IFRS and is subject to a 30% income tax rate. In 2017, the following events took place:
1. The company switched from the zero-profit method to the percentage-of-completion method of accounting for its long-term construction projects. This change was a result of experience with the project and improved ability to estimate the costs to completion and therefore the percentage complete.
2. Due to a change in maintenance policy, the estimated useful life of Bennett's fleet of trucks was lengthened.
3. It was discovered that a machine with an original cost of $220,000, residual value of $30,000, and useful life of four years was expensed in error on January 23, 2016, when it was acquired. This situation was discovered after preparing the 2017 adjusting entries but before calculating income tax expense and closing the accounts. Bennett uses straight-line depreciation and takes a full year of depreciation in the year of acquisition. The asset's cost had been appropriately added to the capital cost allowance (CCA) class in 2016 before the CCA was calculated and claimed.
4. As a result of an inventory study early in 2017 after the accounts for 2016 had been closed, management decided that the weighted average cost formula would provide a more relevant presentation in the financial statements than the FIFO cost formula. In making the change to weighted average cost, Bennett determined the following:

Instructions
(a) Analyze each of the four 2017 events described above. For each event, identify the type of accounting change that has occurred, and indicate whether it should be accounted for with full retrospective application, partial retrospective application, or prospective application.
(b) Prepare any necessary journal entries that would be recorded in 2017 to account for events 3 (ignore income tax considerations) and 4.

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Inventory FIFO Cost Date Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2014 80,000 115,000 180,000 Inventory-Weighted Average Cost $65,000 85,000 135,000