Quiz – Major Accident

Intermediate Accounting

Spiceland, Nelson, and Thomas

10th Edition

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Management purchased new equipment and is uncertain about the useful life. Management estimated a useful life of 10 years. However, management is now uncertain about the equipment’s functionality and revised its estimate to 4 years and included a description of the uncertainty and of this change in estimated useful life in financial statement disclosures. Which of the following is true

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