Question 16 0.5 pts DEF Co. discloses that in 2012, it changed the depreciable life of its equipment from 3 years to 15 years. Equipment represents a substantial component of the company's assets. The company's disclosures indicate that the change is permissible under the accounting standards of its jurisdiction but provide only limited explanation of the change. Which of the following is correct? It is possible that such change (of increasing useful life) is legitimate if the firm can justify the reason, and it is in line with its peers. The impact of such change (of increasing useful life) is only on the balance sheet. The impact of such change (of increasing useful life) is non-recurring, i.e., a one time thing that will not have future impacts. No answer text provided