Insufficient Documentation A company is replacing deteriorating utility poles with new utility poles and is performing research to determine whether the cost should be classified as an asset or as an expense. In doing so$,$ the company concludes that the pole replacements should be reported as assets. However, company accountants realize that similar expenses, incurred over the course of the past two years, have been accounted for as expenses. The company is unable to locate documentation explaining the rationale for the earlier accounting position.

Think through this issue. What should the company do$?$ What lessons can the company learn from this?