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Determine what should be reported as

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Question 1: Lombard, Inc. discovers that due to an error, last year's depreciation expense was understated by $8,000. If Lombard is subject to a 30% tax rate, this should be reported as:

a. an $8,000 increase to current year depreciation expense

b. a $5,600 change in accounting estimate spread over the remaining useful life of the asset

c. a $2,400 decrease to retained earnings

d. a $5,600 decrease to retained earnings

Reference no: EM132506239

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