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Company XYZ purchased a building for $5,000,000 on May 1st, 2020. The building has a...

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Accounting

  1. Company XYZ purchased a building for $5,000,000 on May 1st, 2020. The building has a useful life of 40 years with no salvage value. According to the objectivity principle, discuss the importance of using independent and verifiable data to determine the depreciation expense for the building for the fiscal year ending December 31st, 2020.

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