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USE THE FOLLOWING INFORMATION FOR QUESTIONS #11 - 13: Motown purchased an asset with the following information available: 1/1/X8 Straight-line method of depreciation is used. Date Placed in Service 7/1/X3 Cost of Asset $ 228,000 Estimated Useful Life 5 IGNORE INCOME TAXES Date Useful Life Changed Revised Estimated Useful Life 15 11.) The journal entry required to record depreciation on a yearly basis AFTER THE change in depreciable life has what impact on retained earnings? A. Increase B. Decrease C. No impact 12.) The journal entry required to record depreciation on a yearly basis AFTER THE change in depreciable life has what impact on the asset section of the balance sheet ONLY? A. Increase B. Decrease C. No impact 13.) Calculate yearly depreciation at the date of change and forward