Complete the following schedule contrasting the effect the two types of depreciation methods have on the balance sheet and income statement dollar amounts. Specify for each financial statement the account affected by recording depreciation expense. Designate with an X the method (accelerated or straight-line) that would result in the higher balance in the specified account in the early years of the asset’s life.
| Depreciation Methods |
Account Affected | Accelerated Straight-line |
1. Balance Sheet: |
|
2. Income Statement: |
|
| (Higher balance early in asset’s life) |
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