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The double-declining balance method is applied by (1) computing the asset's straight-line depreciation rate, (2) doubling it, (3) subtracting salvage value from cost, and (4) multiplying the rate times the net value.
Annual Returns
Reports filed annually that detail a company's financial status, including assets, liabilities, and profits, often required by government entities to ensure transparency.
Corporation
A legal entity that is separate from its owners, endowed with rights and responsibilities, and capable of conducting business.
Preferred Shareholders
Investors who own preferred shares in a company, giving them priority over common shareholders in the distribution of dividends and assets.
Vote
The act of making a choice in an election or decision-making process.
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