Suppose the printing department of Geico Insurance acquired a new press for AED360,000. The equipment’s estimated useful life is 8 years and…

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Suppose the printing department of Geico Insurance acquired a new press for AED360,000. The equipment’s estimated useful life is 8 years and estimated residual value is AED40,000.

Prepare depreciation schedule to compare straight-line and DDB depreciation. Show all amount in thousands of dollars. If these two methods were available for tax reporting purposes, which would a company prefer to use?

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