48 ) Accrued salaries payable of $ 51,000 were NOT recorded at December 31 , 2007 . Office supplies on hand of $ 24,000 at December 31 , 2008 were erroneously treated as expense instead of supplies inventory . Neither of these errors was discovered nor corrected . The effect of these two errors would cause
A . 2007 net income to be overstated $ 27,000 and 2008 net income to be understated $ 24,000 .
B . 2008 net income to be understated $ 75,000 and December 31 , 2008 retained earnings to be understated $ 24,000 .
C . 2007 net income and December 31 , 2007 retained earnings to be understated $ 51,000 each .
D . 2008 net income and December 31 , 2008 retained earnings to be understated $ 24,000 each .
49 ) The estimated life of a building that has been depreciated 30 years of an originally estimated life of 50 years has been revised to a remaining life of 10 years . Based on this information , the accountant should
A . adjust accumulated depreciation to its appropriate balance , through net income , based on a 40-year life , and then depreciate the adjusted book value as though the estimated life had always been 40 years .
B . continue to depreciate the building over the original 50-year life .
C . depreciate the remaining book value over the remaining life of the asset .
D . adjust accumulated depreciation to its appropriate balance through retained earnings , based on a 40-year life , and then depreciate the adjusted book value as though the estimated life had always been 40 years .