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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Describe the accounting for changes and corrections of depredation.

To determine

Explain the accounting changes and corrections of depreciation.

Explanation

Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating assets or plant assets for the period the asset is used.

Explain the accounting changes and corrections of depreciation as follows:

The major accounting changes and correction of depreciation are,

  • Change in the estimation,
  • Change in the depreciation method,
  • Change in estimated useful life, residual value or both, and
  • Correction of error (understated or overstated value of depreciation expense)...

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