Woo Ltd. recently conducted an extensive review of itsaccounting and reporting policies. The following accounting changesare an outgrowth of that review:

1. Woo acquired a machine at a cost of $400,000 in 2016. Themachine has been depreciated on a straight-line basis with noresidual value since it was acquired. During 2019, it was decidedthat the benefits from the machine would be consumed over a totalof 13 years rather than the 20-year useful life now being used todepreciate its cost.

2. At the beginning of 2019, Woo changed its method of valuinginventory from the FIFO cost method to the weighted-average costmethod. At December 31, 2018 and 2017, Woo’s inventories were asfollow:

	2018	2017
On a FIFO cost basis	$560,000	$540,000
On a weighted-average cost basis	$500,000	$490,000

3. Woo‘s income tax rate is 20%.

4. Woo reports net income for 2019 and 2018 for the followingamounts:

	2019	2018
Net income	$840,000	$900,000

5. The retained earnings of Woo as at December 31, 2018 and 2017before adjusting the     effect from thechanges in inventory valuation method are as follow:

	2018	2017
Retain earnings	$3,200,000	$2,800,000

6. Dividends declared during 2019 and 2018 were $100,000 and$500,000, respectively.

Required:

1. Prepare the journal entries needed in 2019 related to eachchange.   

Prepare the statements of changes in equity (in part) for theyear ended at 31 December 2019 after the adjustments (includingcomparative figure for 2018) in accordance with HKAS8.