Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
The initial outlay for the project after depreciation is loss of $26,700.
What is depreciation?
Depreciation in accounting refers to two parts of the same concept: first, the real decline in fair value of an asset, such as the worth of factory equipment each year.
Depreciation is used to match the cost of a productive asset with a useful life of more than a year to the revenues received by employing the asset. The expense of an asset is frequently spread out throughout the years that it is used.
Section 32 of the Income Tax Act of 1961 contains the provision for authorising depreciation. Depreciation is a deduction allowed by the Income Tax Act for the reduction in the real worth of a physical or intangible asset used by a taxpayer.
To know more about depreciation follow the link:
https://brainly.com/question/1203926
#SPJ4
Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for using Westonci.ca. Come back for more in-depth answers to all your queries.