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( 150 words minimum, please use your own words ): Explain the difference between an ordinary repair versus an improvement for a fixed asset. How

(150 words minimum, please use your own words):

  1. Explain the difference between an ordinary repair versus an improvement for a fixed asset. How are they treated differently on the financial statements?
  2. Give five examples of ordinary repairs to a vehicle (car).
  3. Give five examples of improvements for a vehicle (car).

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