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What is depreciation and how does it relate to the matching principle? Is depreciation an exact calculation? If not, what estimates are involved? Why do

What is depreciation and how does it relate to the matching principle? Is depreciation an exact calculation? If not, what estimates are involved? Why do we want to perform depreciation calculation?

For example what happens in the accounting records if we estimate that a car will last for 5 years and it lasts for 7 years?

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