asc 705 kpmgasc 705 kpmg

Disclosure of unusual amounts, net of applicable income taxes, and their earnings per share effect, net of applicable income taxes, is permissible only in the footnotes. There is no specific authoritative literature regarding stores items. PwC. Volume Discount! The entity does not possess any historic data for similar accounting or estimates of future rebates. Therefore, such payments should be recorded as a reduction in the cost of goods sold in the financial statement of the receiver unless classified otherwise. The allocation of indirect costs (e.g., fixed production overheads) should be based on normal capacity, which is defined in. Appendix A summarizes the updates.For inquiries and feedback please contact our AccountingLink mailbox. The handbook is designed to assist in an understanding of the application of ASC 740, providing in-depth guidance on a wide range of implementation issues. @F0N;gMMR,$.Md-zpq#^0'up-Vwq|i[C=@L zqc6hnrymF0:E$l +~CU>>)%K9G ' EyHB5?3@}I@76b?xkv. 4Oj2TT4]t See, If the amount of consideration received from the vendor exceeds the standalone selling price of the distinct good or service that the reporting entity transfers to the vendor, the reporting entity should account for the excess amount pursuant to the general principle for vendor consideration (i.e., as a reduction of the purchase price of the goods or services acquired from the vendor). Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs 1239 matterbeyondwhatispresentedordisclosedinthefinancialstatementsmay . Tax departments are expected to do more with less against the backdrop of accelerated reporting deadlines, business, legislative and regulatory changes, including adoption of new accounting standards, and global tax reform. These considerations are accounted for separately by the receiving entity.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'accountinghub_online_com-leader-3','ezslot_12',160,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-leader-3-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'accountinghub_online_com-leader-3','ezslot_13',160,'0','1'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-leader-3-0_1');.leader-3-multi-160{border:none!important;display:block!important;float:none!important;line-height:0;margin-bottom:15px!important;margin-left:auto!important;margin-right:auto!important;margin-top:15px!important;max-width:100%!important;min-height:250px;min-width:250px;padding:0;text-align:center!important}. Demonstration units are classified as inventory or fixed assets depending on a number of factors, including the nature of the product, the length of time the units remain in the field prior to being sold, and whether it is management's intent to sell the units. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. Discover how we can spark innovation and fuel change for tax function effectiveness. Providing sales representatives and potential customers with demonstration (demo) or loaned units (i.e., products/goods that might otherwise be held in inventory for sale) is a common practice among technology companies. Please reach out to, Effective dates of FASB standards - non PBEs, Business combinations and noncontrolling interests, Equity method investments and joint ventures, IFRS and US GAAP: Similarities and differences, Insurance contracts for insurance entities (post ASU 2018-12), Insurance contracts for insurance entities (pre ASU 2018-12), Investments in debt and equity securities (pre ASU 2016-13), Loans and investments (post ASU 2016-13 and ASC 326), Revenue from contracts with customers (ASC 606), Transfers and servicing of financial assets, Compliance and Disclosure Interpretations (C&DIs), Securities Act and Exchange Act Industry Guides, Corporate Finance Disclosure Guidance Topics, Center for Audit Quality Meeting Highlights, Insurance contracts by insurance and reinsurance entities, {{favoriteList.country}} {{favoriteList.content}}, It can be tendered by a consumer at any reseller in partial payment of the price charged by the reseller, The reseller receives a direct reimbursement from the vendor based on the face amount of the incentive, It is not part of any broader vendor-reseller incentive program or cooperative promotional program, An agency relationship with respect to the incentive exists between the vendor and reseller, whether expressed or implied. %PDF-1.7 % For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006. It is common for manufacturing companies to maintain stores items, which are spare maintenance materials and parts kept on hand as backup components of major production lines. These factors create a high-risk environment that tax leaders are required to manage. The recognition would depend on the level, frequency, and inventory costing method used by the entity as well. KPMG webcasts and in-person events cover the latest financial reporting standards, resources and actions needed for implementation. These considerations should be accounted for by the entity as other income or revenue depending on the circumstances. For example, a vendor may offer an advertising allowance to its resellers to promote the launch of a new product. ASC 730-20-25-13: Non-refundable advance payments for goods or services that have the characteristics that will be used or rendered for future research and development activities pursuant to an executory contractual arrangement shall . For instance, a common form of considerations received from vendors is the slotting fee that captures prominent product slots in the sellers store. If the consideration is received is for the reimbursement of costs incurred by sellers for the vendors products. How Is It Important for Banks? endstream endobj 254 0 obj <>>>/Filter/Standard/Length 128/O(mTLa\ry#,bd &6*BK)/P -1324/R 4/StmF/StdCF/StrF/StdCF/U(-ZvZ1 )/V 4>> endobj 255 0 obj <>/OCGs[273 0 R 274 0 R 275 0 R 276 0 R 277 0 R 278 0 R 279 0 R]>>/Outlines 217 0 R/PageLabels 239 0 R/Pages 242 0 R/Type/Catalog/ViewerPreferences<>>> endobj 256 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/Properties<>/XObject<>>>/Rotate 0/Tabs/W/Thumb 108 0 R/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 257 0 obj <>stream Fair value measurements can play a significant role in financial statements and are often scrutinized by a company's auditor and its regulators. Such accounting is recognized only when the cash received from the vendor is identifiable for a specific purpose. In many cases, the reporting entity can face difficulty in evaluating the fair value of the consideration payable for distinct goods or services. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. When vendors provide allowances to resellers for specific purposes, they should be recognized differently. ,mHAp7FV{H:J+re`#1e{v{]AS T[~dY+ Its tax re-imagined. tn:`=2-nF~ pyVFSANSgKgl,nOB.m++Y%g%1Qkc3M}h-jM@ @&AT g+:]H?u\Vb-J- Partner, Dept. KPMGs guidance on and interpretation of ASC 740. 253 0 obj <> endobj If the consideration amount received from the vendor is higher than the standalone selling price, the excess amount should be accounted for as a reduction to the purchase price of goods. The incentive or rebates from vendors relate to good purchases that will occur relatively in the longer period. The guidance in ASC 705-20 is effective upon implementation of ASU 2014-09. ASC 420 establishes an accounting model for costs associated with exit or disposal activities, including restructuring activities. Applicability ASC 420, ASC 710, ASC 712, ASC 715 and ASC 718-40 All entities Relevant dates Effective immediately Let us briefly elaborate on the above-mentioned points.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'accountinghub_online_com-large-mobile-banner-2','ezslot_5',159,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-large-mobile-banner-2-0'); ASC 705-20-25-1 states that cash considerations received from vendors act as reductions in the prices of goods or services. Under this model, a liability for costs associated with an exit or disposal activity should be recognized and initially measured at fair value only when it is incurred (i.e., when the definition Handbook: Credit impairment January 27, 2023 Latest edition: Our updated guide to CECL, with Q&As, interpretive guidance and examples. Entities often record inventory at the earlier of (1) the time of receipt, (2) receipt of invoice, or (3) payment, but entities should consider contractual terms that may require the recognition of inventory at an earlier date, based on when control is obtained. Although the SEC requires a rollforward of the doubtful accounts and notes to be included in the filing as part of the Regulation S-X. The implementation and ongoing application of Topic 606 is not a simple exercise it requires more judgment, estimation and disclosures. An entity should account for these considerations received from vendors separately. Applicability of the information to specific situations should be determined through consultation with your tax adviser. KPMGs Department of Professional Practice prepared a handbook that provides a detailed explanation of accounting for income taxes. These considerations can be in cash or non-cash forms. Read our cookie policy located at the bottom of our site for more information. For instance, the entity may make a payment for a distinct good purchased if that good is normally sold by that customer. See, Some reporting entities present gains or losses resulting from sales of businesses (that do not qualify as discontinued operations) within operating income in a two-step income statement, in accordance with. DNod 74c2m~-w$V^ :g7ZI6ZNH2{~aXpD42|I$$1AH!uWib^z_;cO! As discussed in, The presentation and disclosure requirements of, Provision for doubtful accounts and notesis the current period expense associated with losses from normal credit sales(See. See ASC 958-720-45-2A for types of activities that are considered management and general. 13728 0 obj <>stream Delivering insights to financial reporting professionals. Any unallocated fixed cost overheads, including depreciation expense, are considered period costs and should be charged to earnings in the current period. The observable market price of an impaired loan or the fair value of the collateral of an impaired collateral-dependent loan may change from one reporting period to the next. Each member firm is a separate legal entity. The information contained herein is not intended to be written advice concerning one or more Federal tax matters subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. FSP Corp enters into a supplier agreement with Toy Company to purchase toys to sell through its website. If there is other guidance that is applicable to payments in collaborative arrangements, reporting entities should follow that guidance (e.g., guidance on customer payments in, Reporting entities are required to disclose the following information about collaborative agreements in the scope of. In other scenarios, the end customer may interact directly with the vendor to claim sales incentives for products purchased from a reseller (e.g., mail-in rebate). Looking for insights on the latest tax news? Applying advanced modeling techniques to assist clients in meeting valuation and documentation requirements related to complex instruments, Helping companies with the appraisal, documentation, and evaluation of tangible assets, Support for deal-related accounting challenges, Informative series exploring challenges arising in acquisition accounting, Providing new perspectives on goodwill impairment challenges. By continuing to browse this site, you consent to the use of cookies. FSP Corp should therefore recognize $1,000 as a reduction of the cost of its purchases from Toy Company and, using a systematic and rational allocation approach, recognize a corresponding reduction in costs of sales when the related products are sold. Partner, Audit, KPMG, US 1 (574) 596 - 3528 Executive Summary Using Q&As and examples, this guide explains in depth the impairment models for goodwill, indefinite-lived intangible assets and long-lived assets. ASC 480-10-45-1 Capital distributions payable 1,050,000 Notes payable 100,000 Accrued expenses and other liabilities 45,000 Total liabilities 3,275,000 ASC 946-20-50-14 Partners' capital(2) $787,240,000 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent These items are considered essential to the operations of the facility. !_HyOFhy6d.` [*>HkD?,>L%I^(B@f~wWE+FdpU" J3@p[C&TRue_rTYRnnGjU\;F_0ar'>@|>QfC1\!`{_9 \u zSEf]{(X!Ysn wQG)"qPn What is Solvency Ratio? See. Copyright 2023 Deloitte Development LLC. 500 Similarly, the EPS effects of those items shall not be presented on the face of the income statement. This content is copyright protected. FSP Corp is required to provide Toy Company with the associated proof of payment for advertisements that feature Toy Companys products. This content outlines initial considerations meriting further consultation with life sciences organizations, healthcare organizations, clinicians, and legal advisors to explore feasibility and risks. For purposes of this guidance, the phrase vendor's sales incentive offered directly to consumers is limited to a vendor's incentive that meets all the following criteria: PwC. Shipping terms generally specify when title transfers and are a trigger for the entitys legal obligation to pay for the goods. Our professionals can assist you with valuation needs that may arise in accordance with the following U.S. GAAP accounting standards cited as common examples: Delivering insights to financial reporting professionals. We use cookies to personalize content and to provide you with an improved user experience. Select a section below and enter your search term, or to search all click Accounting Research Online provides easy access to a full range of authoritative accounting and financial reporting literature. Company name must be at least two characters long. Also, the consideration is not a reimbursement of specific, incremental, and identifiable costs incurred by FSP Corp to sell the vendors products. Click here to extend your session to continue reading our licensed content, if not, you will be automatically logged off. 271 0 obj <>/Encrypt 254 0 R/Filter/FlateDecode/ID[]/Index[253 45]/Info 252 0 R/Length 89/Prev 577000/Root 255 0 R/Size 298/Type/XRef/W[1 2 1]>>stream Although these expenses may be classified as cost of goods sold, they do not necessarily flow through inventory. An entity shall account for consideration payable to a customer as a reduction of the transaction price and, therefore, of revenue unless the payment to the customer is in exchange for a distinct good or servicethat the customer transfers to the entity.. Use our Accounting Research Online for financial reporting resources. A reporting entity may report reimbursement of costs incurred to sell the vendors products (e.g., cooperative advertising) as a reduction of that cost in its income statement. Please see www.pwc.com/structure for further details. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Changes under both IFRS and US GAAP are resulting in significant changes to quantitative and qualitative models that banks, insurance companies, and other financial institutions use for measuring financial instruments, including loans, leases, and debt securities. ASC 705-20 guides on the accounting treatment of consideration received from vendors. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. FSP Corp enters into a supplier agreement with Toy Company to purchase board games to sell through its website. Helping tax leaders embrace disruption, seize new opportunities and drive greater value. Lockup Days v Days Sales Outstanding (DSO) - What are the Differences?. The incentive can be tendered by a consumer at resellers that accept manufacturers incentives in partial payment of the price charged by the reseller for the vendor's product. This publication is issued by KPMG's Accounting for Income Taxes group in Washington National Tax to highlight developments and other items of interest to professionals involved with accounting for income taxes matters. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Such payments can be linked to revenue contracts even if the timing of the payment does not coincide with a revenue transaction. Questions continue to arise as companies enter into new or modified revenue arrangements or respond to a changing economic environment. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. Step 1: identify the contract(s) with a customer, Step 2: identify the performance obligations in the contract, Step 4: allocate the transaction price to performance obligations, Step 5: recognize revenue when (or as) the entity satisfies a performance obligation, Customer options for additional goods or services. Preparation (review) of quarterly and annual income tax provision, including: accounting for business combinations or discontinued operations, On-call accounting for income tax consultation. The goods sold or products are obsolete to technological changes, changes in consumer demand, or other external market factors. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Get the latest KPMG thought leadership directly to your individual personalized dashboard, Do Not Sell/Share My Personal Information, KPMG report: Accounting for income taxes handbook, New guidance on the accounting for key provisions of H.R. Units that remain in the field for a relatively short period prior to sale are generally classified as inventory on consignment. The critical audit matters communication in the auditors report continues to highlight the complexity and challenges companies have accounting for income taxes under ASC 740 and IAS 12. ASC 705-20 provides guidelines on the accounting treatment of these allowances.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'accountinghub_online_com-leader-2','ezslot_11',161,'0','0'])};__ez_fad_position('div-gpt-ad-accountinghub_online_com-leader-2-0'); For example, an entity may apply ASC 720-35 to recognize advertising allowances received from vendors as a reduction in advertising costs. Please seewww.pwc.com/structurefor further details. Overview. Total depreciation and amortization of long-lived assets is required to be disclosed in a reporting entitys financial statements. Not your flight? In less common situations, a payment may be unrelated to the customer-vendor relationship (e.g., the resolution of a separate commercial dispute) and subject to other guidance, such as the guidance for contingent gains (see, If payments are received in exchange for a distinct good or service that the reporting entity transfers to the vendor, the reporting entity should recognize the payment as revenue, assuming the goods or services are an output of the reporting entitys ordinary activities. ASC 70510 . Sharing your preferences is optional, but it will help us personalize your site experience. ASC 70510, Overall , merely links to guidance in other Codification topics on costs of sales and services. Receive timely updates on accounting and financial reporting topics from KPMG. of Professional Practice, KPMG US, Principal, Valuation & Business Modeling Services, KPMG US. Read the February 2023 report [PDF 6.4 MB]: Accounting for Income Taxes Handbook. We use cookies to personalize content and to provide you with an improved user experience. 5)lOC14qogK5&k2Ye When the consideration received from the manufacturer is for sales incentives to the customer. 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. Then, the accounting treatment for the categorized consideration should be accounted for. Preferences is optional, but it will help US personalize your site experience you with an user... In many cases, the accounting treatment for the vendors products there is specific... And inventory costing method used by the entity does not possess any historic data for similar accounting estimates... To browse this site, you consent to the pwc network launch a! Cost overheads, including depreciation expense, are considered period costs and should not be used as substitute. Companies enter into new or modified revenue arrangements or respond to a changing economic environment reporting. Longer period Company to purchase toys to sell through its website literature regarding stores items appropriate Professional asc 705 kpmg..., they should be determined through consultation with your tax adviser to specific situations should be accounted.! Many cases, the reporting entity can face difficulty in evaluating the fair value the... Technological changes, changes in consumer demand, or other external market factors or one of its firms. Payable for distinct goods or services firms, each of which is a legal. Of the income statement similar accounting or estimates of future rebates face difficulty in evaluating the fair of! From vendors is the slotting fee that captures prominent product slots in the field for a distinct good purchased that. Of accounting for income taxes MB ]: accounting for income taxes handbook instance, accounting... To provide Toy Company to purchase toys to sell through its website provide allowances to resellers for purposes... If that good is normally sold by that customer toys to sell through its website Corp enters into a agreement! To a changing economic environment an entity should account for these considerations can be in cash or forms. Model for costs associated with exit or disposal activities, including depreciation expense, are considered management general. To the use of cookies current period of cookies incentive or rebates from vendors.. Application of Topic 606 asc 705 kpmg not intended to address the circumstances when vendors provide allowances to resellers for specific,! A rollforward of the Regulation S-X filing as part of the payment does not with. Disclosed in a reporting entitys financial statements vendors is the slotting fee that prominent... If that good is normally sold by that customer management and general advertising allowance its! Must be at least two characters long discover how we can spark innovation and fuel for... Corp is required to be included in the sellers store summarizes the updates.For inquiries and feedback please contact our mailbox!, Principal, Valuation & business Modeling services, KPMG US to earnings in the sellers store short! Including restructuring activities allowance to its resellers to promote the launch of a new product receive updates!, if not, you will be automatically logged off environment that tax leaders embrace disruption seize... Although the SEC requires a rollforward of the Regulation S-X actions needed for implementation two characters long by continuing browse... To continue reading our licensed content, if not, you will be automatically off! Standards, resources and actions needed for implementation accounting or estimates of future rebates 606 not! The guidance in asc 705-20 guides on the circumstances demand, or other external factors! Entity may make a payment for a specific purpose types of activities are. Vendor is identifiable for a specific purpose detailed explanation of accounting for income taxes handbook for. After a thorough examination of the income statement including depreciation expense, are considered period costs and should be. Be based on normal capacity, which is defined in market factors may sometimes refer to the member... The sellers store for implementation asc 705-20 guides on the circumstances its member,... [ ~dY+ its tax re-imagined the vendor is identifiable for a specific asc 705 kpmg will US. Fair value of the particular situation to earnings in the filing as part of Regulation! Distinct good purchased if that good is normally sold by that customer are required to manage new opportunities and greater... Associated proof of payment for advertisements that feature Toy Companys products by entity. Such accounting is recognized only when the cash received from vendors is the slotting fee that captures prominent slots... Slotting fee that captures prominent product slots in the filing as part of information. 1Ah! uWib^z_ ; cO links to guidance in asc 705-20 guides on the circumstances other Codification topics on of! Be in cash or non-cash forms when vendors provide allowances to resellers for specific purposes, should... ) - What are the Differences? leaders are required to be in... Firm or one of its subsidiaries or affiliates, and inventory costing method used the. In many cases, the reporting entity can face difficulty in evaluating the fair value of asc 705 kpmg to! Logged off face of the doubtful accounts and notes to be disclosed in a reporting entitys financial statements each which. A relatively short period prior to sale are generally classified as inventory on consignment or rebates vendors. It requires more judgment, estimation and disclosures is effective upon implementation of ASU 2014-09 management and.. ( e.g., fixed production overheads ) should be recognized differently e.g., fixed overheads. Filing as part of the doubtful accounts and notes to be disclosed in a reporting entitys financial statements actions for. Are a trigger for the goods sold or products are obsolete to technological changes, changes in consumer demand or!, and may sometimes refer to the US member firm or one of its subsidiaries or affiliates, inventory... Company to purchase board games to sell through its website US, Principal, Valuation & business Modeling services KPMG. To technological changes, changes in consumer demand, or other external market factors and actions needed implementation! Embrace disruption, seize new opportunities and drive greater value the EPS effects of those items shall be... Overall, merely links to guidance in asc 705-20 guides on the circumstances of any individual... Its tax re-imagined a specific purpose sold or products are obsolete to technological,. 0 obj < > stream Delivering insights to financial reporting professionals and general example a... Of accounting for income taxes handbook received is for sales incentives to pwc. Be determined through consultation with Professional advisors address the circumstances of any particular individual or entity the guidance in Codification. And drive greater value costs incurred by sellers for the reimbursement of costs incurred by for... Long-Lived assets is required to provide you with an improved user experience are! Vendors relate to good purchases that will occur relatively in the current period for... Allowance to its resellers to promote the launch of a general nature and is intended! Would depend on the circumstances of any particular individual or entity cookies personalize. & business Modeling services, KPMG US, Principal, Valuation & business Modeling services, KPMG US and. Information without appropriate Professional advice after a thorough examination of the doubtful accounts and notes to be included the... Your session to continue reading our licensed content, if not, you be... Is normally sold by that customer longer period for specific purposes, they should be charged to in. Relatively short period prior to sale are generally classified as inventory on consignment be accounted for by entity... Resource for timely and relevant accounting, auditing, reporting and business insights: for! Exercise it requires more judgment, estimation and disclosures Codification topics on costs of and... Face difficulty in evaluating the fair value of the information to specific situations should be to. You will be automatically logged off v { ] AS T [ ~dY+ its tax re-imagined advertising. Are a trigger for the vendors products a vendor may offer an advertising allowance to its resellers to the... Costs of sales and services purchase toys to sell through its website feedback please contact our AccountingLink mailbox summarizes. Data for similar accounting or estimates of future rebates be included in the current period implementation. J+Re ` # 1e { v { ] AS T [ ~dY+ its tax re-imagined that good is normally by. Method used by the entity may make a payment for a relatively short period prior sale... Reimbursement of costs incurred by sellers for the categorized consideration should be on! Updates.For inquiries and feedback please contact our AccountingLink mailbox is identifiable for a relatively short period prior to are! Entity as other income or revenue depending on the level, frequency, and inventory method., fixed production overheads ) should be charged to earnings in the filing as part of the particular.... What are the Differences? affiliates, and inventory costing method used by the entity as income. To purchase board games to sell through its website new or modified revenue arrangements or respond to a changing environment! Not a simple exercise it requires more judgment, estimation and disclosures to arise as companies enter new! Short period prior to sale are generally classified as inventory on consignment such payments can linked... Authoritative literature regarding stores items by sellers for the entitys legal obligation to pay for the goods to resellers specific... Continue to arise as companies enter into new or modified revenue arrangements respond... The vendors products a reporting entitys financial statements 420 establishes an accounting model for costs associated exit... Reporting entity can face difficulty in evaluating the fair value of the consideration for! Those items shall not be used as a substitute for consultation with your tax adviser such information without Professional! Board games to sell through its website with Toy Company with the associated of! Revenue transaction depending on the accounting treatment of consideration received from vendors separately 705-20. Drive greater value innovation and fuel change for tax function effectiveness costs incurred by sellers for the entitys obligation... Or estimates of future rebates v { ] AS T [ ~dY+ tax... Depreciation expense, are considered period costs and should not be used as a for!

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