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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

LO1 The purpose of depreciation is to

  1. (a) spread the cost of an asset over its useful life.
  2. (b) show the current market value of an asset.
  3. (c) set up a reserve fund to purchase a new asset.
  4. (d) expense the asset in the year it was purchased.

To determine

Identify the purpose of depreciation.

Explanation

Depreciation:

Depreciation is a method of reducing the capitalized cost of long-lived operating assets or plant assets for the period the asset is used.

The purpose of depreciation:

The main purpose of depreciation is to provide a method o...

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