True or False

After using an expected useful life of seven years and no residual value to depreciate its machine over the preceding two years, a company decided early this year that the machine would last only three more years. The change in accounting estimate results in an adjustment to ending retained earnings for the prior period with no impact on any future periods.

27 8 02:38:27 After using an expected useful life of seven years and no residual value to depreciate its machine over the preceding two years, a company decided early this year that the machine would last only three more years. The change in accounting estimate results in an adjustment to ending retained earnings for the prior period with no impact on any future periods. True or False True False