Buck Ltd purchased a machine with an expected useful life of 4 years and nil residual value.
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Buck Ltd purchased a machine with an expected useful life of 4 years and nil residual value. After 2 years the estimated useful life was revised to 3 years. The manager of Buck Ltd suggested that the resulting additional depreciation should be charged against retained earnings. Is this correct? Give reasons for your answer.
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Yes this is correct because depre...View the full answer
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Related Book For 
Financial Accounting Reporting Analysis And Decision Making
ISBN: 9780730313748
5th Edition
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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