Problem:
The Patron Company has recently changed its estimates for the useful lives of all of its delivery trucks. This change took place on January 1st. What impact will this have on depreciation expenses reported in the current fiscal year? Select answer from the options below The depreciation expense reported will be different than what was reported the previous year because the estimated useful lives have been changed. The depreciation expense reported will be the same as what was reported last year because the estimated useful lives do not impact this expense. The depreciation expense will be higher than what was reported in the previous year because of the change in estimated useful lives. The depreciation expense will not be able to be calculated due to the recent change, whereas the expense in the previous year will be easily calculated.