The peridot company purchased machinery on january 2, 2019, for $800,000. a five-year life was estimated and no residual value was anticipated. peridot decided to use the straight-line depreciation method and recorded $160,000 in depreciation in 2019 and 2020. early in 2021, the company revised the total estimated life of the machinery to eight years. required: 1. what type of change is this? 2. is peridot required to revise prior years’ financial statements as a result of the change? 3. is peridot required to provide a disclosure note to report the change? 4. determine depreciation for 2021.

The following accounts appeared in recent financial statements of delta air lines. identify each account as either a balance sheet account or an income statement account. for each balance sheet account, identify it as an asset, a liability, or stockholders' equity. for each income statement account, identify it as a revenue or an expense. item financial statement type of account accounts payable balance sheet advanced payments for equipment balance sheet air traffic liability balance sheet aircraft fuel (expense) income statement aircraft maintenance (expense) income statement aircraft rent (expense) income statement cargo revenue income statement cash balance sheet contract carrier arrangements (expense) income statement flight equipment balance sheet frequent flyer (obligations) balance sheet fuel inventory balance sheet landing fees (expense) income statement parts and supplies inventories balance sheet passenger commissions (expense) income statement passenger revenue income statement prepaid expenses income statement taxes payable balance sheet