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Unformatted text preview: flows) o Inventory reported on B/S at lower of cost or market o FIFO inventory = LIFO inventory + excess of FIFO over LIFO • Property, plant, and equipment (fixed assets): o Show on B/S as book value minus accumulated depreciation o Depreciation methods: Straight line: • Constant effect on NI over lifetime Accelerated: • Higher depreciation expense early = pay less on taxes early • Sum of years digits • DDB • Intangibles: o Goodwill: Stays same until it loses value Lost value goes to I/S as impairment expense...
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- Spring '11