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Please solve the following question in detailed steps with explanation. I will make sure to...

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Accounting

Please solve the following question in detailed steps with explanation. I will make sure to give a thumbs up. Thank you. Suppose a firm switches from straight-line depreciation to an accelerated depreciation methods (such as sum of the years digits depreciation) in the later years of some equipments life. (a) Explain how this move would impact the firms net income in the year of the switch? (b) Also explain which item(s) on the balance sheet would be impacted in the year of the switch.

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