A change in the estimated useful life of a plant asset may cause a change in the amount of depreciation recognized in the current and future periods but not to prior periods.
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Q10: The IRS does not require the taxpayer
Q11: All plant assets (fixed assets) must be
Q12: Salvage value is not subtracted from plant
Q13: Ordinary repairs should be recognized when incurred
Q14: A characteristic of capital expenditures is that
Q16: To determine a new depreciation amount after
Q17: The book value of a plant asset
Q18: Capital expenditures are expenditures that increase the
Q19: Land improvements are generally charged to the
Q20: A change in the estimated salvage value
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