On January 1, 2019, Incredible Corp. purchased a new machine for $350,000. The new machine has an estimated useful life of eight years and the residual value was estimated to be $25,000. Depreciation was calculated using the double-declining- balance method. To the nearest dollar, what amount should be shown in Incredible's balance sheet at December 31, 2020, net of accumulated depreciation, for this machine? OA) $175,000 B) $201,563 C) $153,125 OD) $196,875 Changes in the depreciation rate are accounted for as a(n) A) adjustment to the current period only. B) adjustment to current and future periods. C) adjustment to future periods only. D) catch-up adjustment to prior periods. On January 1, 2015, Rabbit Corp. acquired machinery that it depreciated using the straight-line method with an estimated useful life of 15 years and no residual value. On January 1, 2020, Rabbit estimated that the remaining life of this machinery was six years with no residual value. This change should be accounted for OA) as a prior period adjustment. B) as the cumulative effect of a change in accounting principle in 2020. c) by setting future annual depreciation equal to one-sixth of the book value or January 1, 2020. OD) by continuing to depreciate the machinery over the original 15-year life. The steps involved in testing goodwill for impairment using ASPE do not include A) comparing the fair value of the reporting unit against its carrying amount including goodwill. B) comparing the current implied fair value of goodwill with its carrying amous C) all of these (all of these steps are involved in testing goodwill for impairm using ASPE). D) calculating the implied current fair value of goodwill