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In this lesson, we explain what the straight line and diminishing balance depreciation methods are, show the formula for Accumulated depreciation is not a liability, it's a contra-asset that nets with gross assets. The rest of what you said was correct though! [
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Accumulated depreciation is the total amount of depreciation expense allocated to a specific asset since the asset was put into What is accumulated depreciation? Accumulated Depreciation is the title of the contra asset account on the balance sheet which
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