Identify and describe your business (e.g. Clothing Store, Landscaping business, Delivery service, or Restaurant).

Provide two examples of long-term assets that the business owns.

Classify the asset (i.e. building, equipment, furniture & fixtures, etc.)

What depreciation method will you use to depreciate this asset? Explain Why.

How does depreciation affect the income statement and balance sheet?

Explain how depreciation might affect your decisions to purchase expensive equipment or real estate.

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