The useful life of an asset may be estimated based on:
A) the period of time over which the future economic benefits of the asset are expected to be consumed by the entity.
B) the total service, expressed in terms of production or similar units that may most likely be obtained from the asset under normal operating conditions.
C) the period of time over which the future economic benefits of the asset are expected to be generated in normal use by a typical entity.
D) the total service, expressed in terms of production or similar units that may most likely be obtained from the asset under ideal operating conditions.
Correct Answer:
Verified
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