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Explain the steps in the retail sales process.
Revaluation of Machinery
The process of updating the book value of machinery to reflect its current market value.
Accumulated Depreciation
The total amount of depreciation expense that has been claimed on an asset since it was put into use, reducing its book value.
Gain on Revaluation
An increase in the value of an asset based on current market prices, resulting in a higher estimated worth than its recorded book value.
Estimated Useful Life
The length of time an asset is expected to be usable for its intended purpose, used to calculate depreciation.
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