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21st TT: Adjustments, Depreciation of Fixed Assets (O97C)

BIS Ltd. has been using vehicles, computers and furniture throughout the year to keep the business rolling. At the end of every year we have to account for the cost to the company caused by the use of these assets, as usage depreciates the value of the asset.

The following is what is known as straight line depreciation for each type of fixed asset, set at 20% per year, which assumes that depreciation will be fully complete within five years. Depreciation percentages by year are usually set by tax authorities based on the type of assets:

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