Once the estimated depreciation for an asset is calculated:
A) The estimate itself cannot be changed, however, new information should be disclosed in financial statement footnotes.
B) It may be revised based on new information and any changes are accumulated and recognized when the asset is sold.
C) It may be revised based on new information.
D) It cannot be changed due to the historical cost principle.
E) Any changes are accumulated and recognized when the asset is sold.
Correct Answer:
Verified
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