Based on a 40 year life and then depreciate the

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based on a 40-year life, and then depreciate the adjusted book value as if the estimated life had always been 40 years. d. Adjust accumulated depreciation to its appropriate balance through retained carnings based on a 40-year life, and then depreciate the adjusted book value as if the estimated life was always 40 years. 50. Which of the following is (are) the proper time period(s) to record the effects of a change in accounting estimate? a. Current period and prospectively b. Current period and retrospectively c. Retrospectively only d. Current period only. 51. If a business entity entered into certain related party transactions, it would be required to
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disclose all of the following information except the a. nature of the relationship between the parties to the transactions. b. nature of any future transactions planned between the parties and the terms involved. c. dollar amount of the transactions for each of the periods for which an income statement is presented. d. amounts due from or to related parties as of the date of each balance sheet nresented.
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