Choose "true" or "false" as applicable for each of the following items as they pertain to changes in depreciation estimates.

1.Since estimates are inherent in all depreciation calculations, changes in estimates require no action be taken.

2.Changes in estimates require that depreciation expense for prior periods be recalculated and restated.

3.Changes in estimates require that depreciation expense for the current and future periods be recalculated.

4.The current book value of an asset should be used to recalculate depreciation expense.

5.The revised TOTAL useful life should be used to recalculate depreciation expense.