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Grant Company has decided to change the estimate of the useful life of an asset that has b

een in service for 2 years. Which of the following statements describes the proper way to revise a useful life estimate?

A.Revisions in useful life are permitted if approved by the IRS.

B.Retroactive changes must be made to correct previously recorded depreciation.

C.Only future years will be affected by the revision.

D.Both current and future years will be affected by the revision.

提问人:网友wcxuan2002 发布时间:2022-01-07
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Grant Company has decided to change the estimate of the useful life of an asset that has been in service for 2 years. Which of the following statements describes the proper way to revise a useful life
A.Revisions in useful life are permitted if approved by the IRS.

B.Retroactive changes must be made to correct previously recorded depreciation.

C.Only future years will be affected by the revision.

D.Both current and future years will be affected by the revision.

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