Topic: At a recent luncheon, you were seated next to Mr. Fogle, the president of a local company that manufactures food processors. He heard that you were in a financial accounting class and asked: "Why is it that I'm forced to record depreciation expense on my property when I could sell it for more than I originally paid? I thought that the purpose of the balance sheet is to reflect the value of my business and that the purpose of the income statement is to report the net change in value or wealth of a company. It just doesn't make sense to penalize my prohts when the building hasn't lost value Required: Prepare a detailed memo to Mr. Fogle. Explain the accounting concept of depreciation and contrast this with the dictionary definition of depreciation include in your memo why, for accounting and financial reporting perspectives. It is important and necessary for Mr. Fogle to record depreciation on the building even though its market value may have increased. What accounting concepts or principles are being applied here? Requirements & Grading Criteria 1. This discussion is due Sunday, August 8, 2021 2. Construct a main post (memo) on or before Thursday, August 5, 2021 addressing in detail the issues and questions of the topic. Points will be deducted if the main post is not made on or before this date. 3. In addition to the main post, constructively respond to at least two other posts. Responses can be made to students or to your instructor 4. Please note that posts such as "I agree":"Good job", or "Nice post does NOT count as a response". For your post to count as a response you should explain in detail why Jack's is a good job, or why you agreed for disagreed) with John. 5. In grading your work, both QUALITY and QUANTITY count! "Quality relates to accurately and logically addressing the issues and questions of the topic Quantity relates to addressing in detail the issues and questions of the topic. This means at least one good paragraph is required, and just a sentence or two is NOT considered a "discussion