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3. A certain business owns a piece of machinery used in manufacturing. In June 2022, after the 2021 financial statements were published, the company

3. A certain business owns a piece of machinery used in manufacturing. In June 2022, after the 2021 financial statements were published, the company realized that the machine's useful life was 10 years from that date, not seven years as originally estimated. Explain in your own words why it is not appropriate for the company to revise its 2021 financial statements to reflect the new estimate.

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