Grant Company has decided to change the estimate of the useful life of an asset that has been in service for 2 years. Which of the following statements describes the proper way to revise a useful life estimate?
1
Revisions in useful life are permitted if approved by the IRS
2
Retroactive changes must be made to correct previously recorded depreciation.
3
Only future years will be affected by the revision.
4
Both current and future years will be affected by the revision