Once the estimated depreciation expense for an asset is calculated:
A. The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes.
B. Any changes are accumulated and recognized when the asset is sold.
C. It cannot be changed.
D. It can be changed only if U.S. tax law changes.
E. It may be revised based on new information.
Answer: E
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Answer the following statement(s) true (T) or false (F)
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