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A change in the estimated useful life and residual value of machinery in the current...

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Question

Accounting

A change in the estimated useful life and residual value of machinery in the current year is handled as:
Multiple Choice
A retrospective change back to the date of acquisition as though the current estimated life and residual value had been used all along.
A cumulative adjustment to income in the current year for the difference in depreciation under the new versus old estimates.
A prospective change from the current year through the remainder of its useful life, using the new estimates.
All of these answer choices are incorrect.
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