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In: AccountingIn the blank space provided for each type of “accounting change”or “transaction correction” listed below,...In the blank space provided for each type of “accounting change”or “transaction correction” listed below, indicate whether thechange/correction is: Change in Accounting Principle, Change inAccounting Estimate, Change in Reporting Entity, or ErrorCorrection.a. Change in the estimating rates and procedures used todetermine a company’s estimated pension liability:_______________________________________________.b. Change from FIFO to LIFO method of inventory valuation:________________ ______________________________.c. Change from reporting a single company’s financials toreporting consolidated financials resulting from the acquisition ofone or more companies: __________________________________.d. Failure to accrue payroll payable due, but not paid, at theend of a company’s Fiscal Year: _____________________________.For “a,b,c,d,” indicate for each whether the restatement of thefinancial statements is a retrospective or a prospectiveadjustment.a. _____________________________________b. _____________________________________c. _____________________________________d. _____________________________________