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On 1/1/09, AW Consulting Inc. bought a truck for $60,000. The estimated residual value of...

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Accounting

On 1/1/09, AW Consulting Inc. bought a truck for $60,000. The estimated residual value of the truck was $10,000 and the estimated life was ten years. AW Consulting uses the straight line depreciation method when depreciating its vehicles. During January 2012, after the 2011 financial statements were already published and after careful analysis and consideration, AW realized that they should have depreciated the truck over a period of 14 years. In January 2012, what should AW do?

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