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Washburn Company spent $10 million to purchase a new patented technology, debling an intanglble asset...

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Accounting

Washburn Company spent $10 million to purchase a new patented technology, debling an intanglble asset and crediting cash. Washburn uses SYD depreciation on its depreciable assets and plans to amortize the intangible asset on a straight-line basis. The appropriate accounting treatment is that Washburn:
Multiple Choice
is not required to make any accounting adjustments.
is required to adjust a change in accounting estimate prospectively.
has made a change in accounting principle, requiring retrospective adjustment.
needs to correct an accounting error.
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