The Typhoon Company uses straight-line depreciation. It lowersan estimated salvage value, resulting in a depreciation expensehigher than previous year amounts. In addition to the recording ofdepreciation for the current year
a) A restatement of financial statements and a credit toAccumulated Depreciation
b) A restatement of financial statements and a debit toAccumulated Depreciation
c) No restatement of financial statements and a credit toAccumulated Depreciation
d) No restatement of financial statements and a debit toAccumulated Depreciation
e) No restatement of financial statements and a no entry toAccumulated Depreciation
is it the changing in accounting estimate? or change due to anaccounting error?
to the changing accounting estimate, do we need to A restatementof financial statements and journal entry
to change due to an accounting error, do we need to Arestatement of financial statements and journal entry
how to represent the current and the previous year?
