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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
Accountants and business owners use the depreciation expense to account for the value of an asset during its useful life. When you buy that washing machine and continue to use it for ten years â ten years is the useful life of the asset (washing machine). When recording depreciation expenses they are deducted from the overall income of the company, however, they are not deducted from cash flow.