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I have only taken a basic accounting class in college and am having some trouble figuring some things out. I know you can't write off a piece of equipment completely in one year. I understand the straight line depreciation of an item but what I'm having trouble with is....I built all my equipment (press, exposure unit, dark drying cabinet) and I don't know how to really put a price on it or if I really have to consider the materials equipment and not lump the cost into supplies and write it off completely off as an expense. Do I just use the cost of materials? Also what would you consider a reasonable life of the DIY equipment I mentioned above. I also don't really know the life of the items I have purchased such as cutter, heat press, flash dryer, screens, and squeegees? Please help. This is about the only thing I can't figure out on my own. I'm starting small (in my garage) and really can't afford seeing an account. Maybe when I start to see more profit and I begin to grow I will go outside of doing my own accounting. Thanks in advance for the help.
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