During a study session, one of your classmates states the following:
“Accelerated depreciation means that depreciation expense is being front-loaded. In other words, more of the capital asset is depreciated in the first half of its life than in its second half. This is normally used for assets that are fully paid for at the time of purchase. This depreciation method initially results in a lower carrying amount relative to other depreciation methods. The carrying amount represents the depreciation expense that will be recorded for the asset in future periods.”

Required
Evaluate your classmate’s statement. Briefly identify and explain any elements that are incorrect.