Business, 03.04.2020 22:39 hrijaymadathil
Assume that Besley Golf Equipment commenced operations on January 1, 2019 and was granted permission to use the same depreciation calculations for shareholder reporting and income tax purposes. The company planned to depreciate its fixed assets over 15 years, but in December 2019 management realized that the assets would last for only 10 years. The firm's accountants plan to report the 2019 financial statements based on this new information. How would the new depreciation assumption affect the company’s financial statements?
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