Washburn Co. spent $10 million to purchase a new patented technology, debiting an intangible asset and crediting cash. Washburn uses SYD depreciation on its depreciable assets and plans to amortize the intangible asset on a straight-line basis. The appropriate accounting treatment is that:. 1. Washburn is not required to make any accounting adjustments. 2. Washburn has made a change in accounting principle, requiring retrospective adjustment. 3. Washburn is required to adjust a change in accounting estimate prospectively. 4. Washburn needs to correct an accounting error.
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