4. Among the actions below, which is incorrect for the correction of a prior-period accounting error? A. The correction is reported prospectively and previous financial statements are not revised. B. A journal entry is needed to correct any account balances that are incorrect as a result of the error. C. Prior years' financial statements are restated to reflect the correction of the error (if the error affected those statements). D. A disclosure note should describe the nature of the error and the impact of its correction on net income, income from continuing operations, and earnings per share.