Complete the Following Table by Selecting the Appropriate Type of Change

Essay

Complete the following table by selecting the appropriate type of change and the accounting method appropriate for each event.
$\begin{array}{|l|l|l|}\hline\text{ Event } & \text{Type of Change} &\text{ Accounting Method} \\\hline\text{ Change from FIFO to LIFO. }& & \\\hline \text{Change in the warranty expense} & & \\\text{provision. }& & \\\hline \text{Multi-year insurance policy }& & \\\text{charged to insurance expense. }& & \\\hline\text{ Change from percentage-of- }& & \\\text{completion to completed- }& & \\\text{contract to method. }& & \\\hline\text{ Patent not amortized because it} & & \\\text{is not expected to decline in }& & \\\text{value. }& & \\\hline \text{Purchase of a new subsidiary }& & \\\text{with \( 60 \% \) ownership that is }& & \\\text{three years old. }& & \\\hline\text{ Change from reporting} & & \\\text{inventory from the aggregate} & & \\\text{method to the individual item }& & \\\text{method.} & & \\\hline\text{ Change from writing off bad }& & \\\text{debts as they become} & & \\\text{uncollectible to the allowance} & & \\\text{method. }& & \\\hline\text{ Change in the life and salvage} & & \\\text{value of a depreciable asset.} & & \\\hline\text{ Failure to record the correct} & & \\\text{ending inventory balance.} & & \\\hline \text{Change from straight-line to }& & \\\text{declining balance depreciation. }& & \\\hline\end{array}$