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Please provide your answers to the following questions: 1. Distinguish between additions and improvements/replacements. How...

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Accounting

Please provide your answers to the following questions:

1. Distinguish between additions and improvements/replacements. How should a company account for each?

2. Distinguish between ordinary repairs and maintenance and major repairs. How should a company account for each?

3. What are the effects of financial statements of this year and next year if an ordinary repair has been accounted for as a major repair?

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