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    Depreciation, as the term is used in accounting, means:

    1. The accumulation of cash to replace equipment when it wears out.
    2. The physical deterioration of an asset.
    3. The allocation of the cost of equipment to expense in the periods in which services are received from the asset.
    4. The journal entry used to adjust plant, property and equipment assets to their fair market value

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    Solution Summary

    The solution discusses Depreciation.