Orange Pumpkin Ltd. (Orange) has decided that the estimated useful life of their equipment that has been in service for five years will be longer than they had originally thought.

Which of the following statements describes the way to revise the useful life of the equipment?

a.

Both the current year and future years will be impacted by the revision.

b.

Only future years will be impacted by the revision.

c.

Retroactive changes must be made to correct previously recorded depreciation on the equipment.

d.

No revisions are allowed once the useful life has been estimated at the start of the asset's life.