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George Young Industries ( GYI ) acqulred Industrial robots at the beginning of 2 0 2 2 and added them to the company's assembly process.
George Young Industries GYI acqulred Industrial robots at the beginning of and added them to the company's assembly process. During management became aware that the $ million cost of the equipment was inadvertently recorded as repair expense on GYI's books and on Its income tax return. The Industrial robots have year useful IIves and no materlal salvage value. This class of equipment is depreclated by the straightline method for financlal reporting purposes and for tax purposes it is consldered to be MACRS year property. Cost deducted over years by the modified accelerated recovery system as follows:
tableYearMACRS DEductions$
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