Business, 01.10.2019 23:10 shoafmckenzie5263

The peridot company purchased machinery on january 2, 2019, for $800,000. a five-year life was estimated and no residual value was anticipated. peridot decided to use the straight-line depreciation method and recorded $160,000 in depreciation in 2019 and 2020. early in 2021, the company revised the total estimated life of the machinery to eight years. required: 1. what type of change is this? 2. is peridot required to revise prior years’ financial statements as a result of the change? 3. is peridot required to provide a disclosure note to report the change? 4. determine depreciation for 2021.

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The peridot company purchased machinery on january 2, 2019, for $800,000. a five-year life was estim...