Analyze each case and choose a letter code under each category (type and approach) to indicate the preferable accounting for each case. Type of Change P Policy E Estimate AE Accounting error PNR Prospective with no restatement Retrospective with full restatement Retrospective with partial restatement RFR RPR Case (event or transaction) Type Approach A private company changed from the percentage-of-completion method to completed-contract method for all contracts currently in process and for all new contracts. All prior balances can be reconstructed a. Changed the measurement method for asset retirement obligations to present value basis instead of undiscounted estimated costs Changed from FIFO to average cost for inventory to reduce accounting costs. Only the previous opening balance can be reconstructed c. iation method from declining-balance to straight-line to conform with industry practice. hat a $400,000 acquisition of machinery two years ago had been debited to the land account e. Discovered t f. Changed from cost method to revaluation method for capital assets; prior years valuations are obtainable . Wrote off develooment costs accumulated and capitalized in two previous years due to previous years due to serious doubts about the project's viability Changed from historical cost to net realizable value for inventory valuation to comply with new accounting standards. The opening balance cannot be reconstructed h. . |Changed resicual value of an intangible capital asset to zero based on new economic circumstances Discovered a transposition error in the previous year's opening inventory $17.200; should have been $71,200