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Once the estimated depreciation expense for an asset is calculated: Multiple Choice It...

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Accounting

Once the estimated depreciation expense for an asset is calculated:

Multiple Choice

  • It cannot be changed.

  • The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes.

  • It can be changed only if U.S. tax law changes.

  • Any changes are accumulated and recognized when the asset is sold.

  • It may be revised to reflect changes in the assets estimated salvage value or useful life.

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