Taylor Company purchased a machine and plans to depreciate it over its estimated useful life of 10 years. Over the next four years, the machine was used more extensively than originally estimated, so Taylor revised the useful life estimate to a total of 8 years. This change should be accounted for as a: Multiple Choice Change in accounting principle, with a retrospective approach. Change in accounting estimate, with a retrospective approach. Material accounting error, with an adjustment to retained earnings and disclosure note. Change in accounting estimate, with a prospective approach.