Question: 1. Replace the following weak Codification references with stronger language. a. I found the following guidance in ASC 360-10-35-3, Depreciation expense in financial statements for

1. Replace the following weak Codification references with stronger language.

a. I found the following guidance in ASC 360-10-35-3, Depreciation expense in financial statements for an

asset shall be determined based on the assets useful life.

b. Per GASB Statement No. 51, . . . all intangible assets not specifically excluded by its scope provisions be

classified as capital assets. (Summary page).

c. In the Codification, ASC 450-20-25-2 says that An estimated loss from a loss contingency shall be accrued

by a charge to income if both . . .

[Hint: This letter (c) example starts with a strong reference, but the reference doesnt flow with the rest of the quote.

Find a way to fix this.]

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