After taking five years of straight-line depreciation expense for an asset that was expected to have an

Question:

After taking five years of straight-line depreciation expense for an asset that was expected to have an eight-year useful life, a company decides that the asset will last six more years. Is this decision a change in accounting principles? How do the financial statements describe this change?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Question Posted: