Hello, it was recently discovered that we erroneously entered some new leasehold improvement assets with an estimated life of 3 years when it should have been 7 years and 4 months.

3 assets have a start date of 2/1/23 but were not depreciated this year until 3/31/23, so those assets had 2 months of depreciation post to March 2023.

1 asset has a in-service date of 3/1/23 and was depreciated for 3/31/23 so this is 1 month's worth of depreciation.

How to we go about updating the estimated life so the correct amount of depreciation is calculated, since 3 years will obviously calculate a larger amount of depreciation per month than 7.25 years. What steps do we need to take?

Thank you,

Bretagne