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Does the balance in the Accumulated Depreciation-Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent? Why

  1. Does the balance in the Accumulated Depreciation-Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?
  2. Why is the Modified Accelerated Cost Recovery System not generally accepted for financial accounting purposes? Please provide reference,

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