A team of accounting students is working on a case where they are required to assess a set of information to determine the useful life used to depreciate a company's machinery used to produce smartphone cases. The students have many pieces of information to analyze, including: LOADING...(Click the icon to view the information.) Below is part of the discussion at their first team meeting. LOADING...(Click the icon to view the discussion.) . . . Question content area top right Part 1 Requirement Analyze the discussion and determine the type of cognitive bias most consistent with the statements made by each student, providing an explanation for your answer. LOADING

The company has used a 20-year useful life for the last several years.
	The industry average useful life for similar equipment is 15 years.
	The company purchased the equipment 5 years ago.
	The demand for smartphone cases has increased over the last several years.
	This year, the company has explored purchasing new machinery using a more efficient technology to produce the cases. This equipment would have a useful life of about 10 years.
	The average time that a machine is down for repairs has increased from 3 days to 12 days per year.