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$)$

P$.$ Change in accounting principle

E$.$ Change in accounting estimate

EP$.$ Change in estimate resulting from a change in principle

X$.$ Correction of an error

N$.$ Neither an accounting change nor an accounting error.

Reporting Approach $($choose one$)$

R$.$ Retrospective approach

P$.$ Prospective approach