The Peridot Company purchased machinery on January 2, 2022, for $800,000. A five-year life was estimated and no residual value was anticipated. Peridot decided to use the straight-line depreciation method and recorded $160,000 in depreciation in 2022 and 2023. Early in 2024, the company revised the total estimated life of the machinery to eight years.

Required:
1. What type of change is this?
2. Is Peridot required to revise prior years’ financial  statements as a result of the change?
3. Is Peridot required to provide a disclosure note to report the change?
4. Determine depreciation for 2024.