When a material seven-year depreciable asset is recorded as an expense, which one of the following statements is correct?

It is a self-correcting error and no adjustment is necessary.

The error will eventually self-correct, but the financial statements will be in error for seven years.

If the company uses a rapid depreciation method, the error will self-correct quickly so no adjustment is necessary.

Since it affects only the income statement, no adjustment is required.