Anabelle Inc. purchased new office furniture for $50,000 on April 1st, 2024. The furniture is...
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Accounting
Anabelle Inc. purchased new office furniture for $50,000 on April 1st, 2024. The furniture is expected to last for 10 years with no salvage value. Anabelle Inc. uses the straight-line depreciation method. According to the materiality principle, should Anabelle Inc. record the depreciation expense for this purchase in its financial statements for the fiscal year ending December 31st, 2024? Justify your answer.
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