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Item $2$

Problem $20-9($Static$)$ Accounting changes; identify type and reporting approach $[$LO$20-1,20-2,20-3,20-4]$

At the beginning of $2024,$ Wagner Implements undertook a variety of changes in accounting methods, corrected several errors, and instituted new accounting policies.

Required:

Identify for each item below the type of change and the reporting approach Wagner would use.

Type of Change $($choose one$)$Reporting Approach $($choose one$)$P$.$Change in accounting principleR.Retrospective approachE.Change in accounting estimateP.Prospective approachEP.Change in estimate resulting from a change in principle$$X$.$Correction of an error$$N$.$Neither an accounting change nor an accounting error.$$