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Hu Corporation Use the Following Assets Section of Hu Corporation's Balance Sheets

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Hu Corporation
Use the following Assets section of Hu Corporation's balance sheets for the years ended December 31,2018 and 2017 to answer the questions that follow.

Hu Corporation Use the following Assets section of Hu Corporation's balance sheets for the years ended December 31,2018 and 2017 to answer the questions that follow. ​    Hu Corporation recorded depreciation expense of $344 million for 2017. -Refer to the information for Hu Corporation. Required (1)Explain the impact on net income and cash flows of Hu using straight-line depreciation for financial reporting and accelerated depreciation methods for income tax purposes. (2)In the notes to the financial statements,Hu indicates that it uses different depreciation methods for different types of plant and equipment assets.Explain why Hu might follow this policy. Hu Corporation recorded depreciation expense of $344 million for 2017.
-Refer to the information for Hu Corporation.
Required
(1)Explain the impact on net income and cash flows of Hu using straight-line depreciation for financial reporting and accelerated depreciation methods for income tax purposes.
(2)In the notes to the financial statements,Hu indicates that it uses different depreciation methods for different types of plant and equipment assets.Explain why Hu might follow this policy.

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Definitions:

Ontario Ministry

Refers to the various departments or branches of the provincial government in Ontario, Canada, responsible for specific areas of public policy, administration, and services.

Order of Canada

A national honor granted in Canada to individuals for their outstanding achievements, dedication to the community, and service to the nation.

Means of Production

The resources—including tools, machinery, and raw materials—required to produce goods and services, often discussed in the context of ownership in theories of economics and socialism.

Industrial Technology

Relates to the application of engineering and manufacturing technology to make production faster, simpler, and more efficient.

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