Recording Prior Period Adjustments will include: Select one: a. A Cumulative Effects Adjustment at the bottom of the income statement, but not restating prior- year presented financial statements b. Restating prior-year presented financial statements, but no Cumulative Effects Adjustment at the bottom of the income statement c. Both a Cumulative Effects Adjustment at the bottom of the income statement and restating prior-year presented financial statements d. Neither a Cumulative Effects Adjustment at the bottom of the income statement nor restating prior-year presented financial statements The Typhoon Company discovers an understatement of depreciation in a prior year. What are the components of the journal entry required in the current year to correct this error? Select one: a. A debit to Depreciation Expense and a credit to Accumulated Depreciation b. A debit to Retained Earnings and a credit to Depreciation Expense c. A debit to Retained Earnings and a credit to Accumulated Depreciation d. A debit to Depreciation Expense and a credit to Retained Earnings e. A debit to Accumulated Depreciation and a credit to Depreciation Expense