you are the controller for a struggling company. its operations require regular investments in equipment, and depreciation is its largest. its competitors frequently replace equipment-often depreciated over 3 years. the company president instructs you to revise useful lives of equipment from 3 to 6 years and to use a six-year life on all new equipment. what action do you take? discuss the impact of revising equipment's useful lives on financial statements and give the reasons to your action.