X & Question 19 4 pts X Corp receives a electricity bill for $12,000 but fails to record the transaction at the end of the year when the books are being closed. The recorded entry should include ncrease in Expense; Increase liability ($12,000) O Increase in Expense; decrease in Cash ($12,000) O Increase in Expense in liability ($12,000) O Decrease in Expense; Decrease in liability O None of the above. Question 20 A company increases its reported profit by changing from LIFO to FIFO method of valuation. This should be reported under O Change in Accounting principle Other item O Extraordinary extraordinary items O Prior period adjustment O Discontinued operations 4 pts Question 21 A company writes off an entire line of obsolete Nike sneakers due to lack of demand. This should be reported under Other item Extraordinary items O Discontinued operations Change in Accounting principle Prior period adjustment h 4 pts