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Assume that the direct effects of this change are limited to the effect on depreciation and the related tax provision, and that the income tax rate...
53. Assume that the direct effects of this change are limited to the effect on depreciation and the related tax provision, and that the income tax rate was 30% in 2005, 2006, 2007, and 2008. What should be reported in Carey"s income statement for the year ended December 31, 2008, as the cumulative effect on prior years of changing the estimated useful life of the machine? A. $0 b. $20,000 c. $30,000 d. $105,000 What is the amount of depreciation expense on this machine that should be charged in Carey"s income statement for the year ended December 31, 2008?
