The retrospective application with partial restatement is used for which of the following: Multiple Choice Correcting errors and making estimate changes. Changing inventory valuation assumptions when only opening balances can be reconstructed. Changing to a new revenue recognition policy to conform to industry norms when prior years can be reconstructed. Correcting errors affecting prior years' income. At December 31, 20x4, Rousseau Corp. had outstanding 200,000 shares of common shares and 2,000 shares of $10, no-par value nonconvertible but cumulative preferred shares. No dividends were declared on either the preferred or the common shares in 20x5. No shares were issued during the year. Net income for 20x5 was $100, 000. For 20x5, basic EPS was: Multiple Choice $.40 $.50 $.60 $2.00