Requirement $4.$ Suppose in $202,$ Lee Inc. changed the useful life of the building from $25$ years to $30$ years. How will this affect the income statement and balance sheet?

A$.$ If the useful life of the building is changed from $25$ years to $30$ years, the depreciation expense will be lower and nets income will be higher; on the balance sheet, the carrying amount will be higher.

B$.$ If the useful life of the building is changed from $25$ years to $30$ years, the depreciation expense will be higher and net income will be lower; on the balance sheet, the carrying amount will be higher.

C$.$ If the useful life of the building is changed from $25$ years to $30$ years, the depreciation expense will be lower and net income will be lower; on the balance sheet, the carrying amount will be lower.

D$.$ If the useful life of the building is changed from $25$ years to $30$ years, the depreciation expense will be higher and net income will be higher; on the balance sheet, the carrying amount will be highel