2000 wordsCraig Brown a mechanic is planning to open his own car repair shop. He

2000 wordsCraig Brown a mechanic is planning to open his own car repair shop. He has selected the location the kinds of cars that he will service and the number of people that he will employ. However he needs some help with the capitalization of the machines that he needs to buy and how he has to depreciate these assets. He approaches you an accountant friend to help him understand the fundamentals of capitalization of expenses the various depreciation methods and the impact of this depreciation expense related to his assets on the financial statements. You use a former client and other businesses in the industry to prepare a report explaining these concepts to him.Part 1AYearMachine Hours20X1200020X2350020X3150020X46000Part 1BResearch the annual reports of various companies to find examples of the following and explain the meaning of your findings to Craig:Part 2Identify analyze and record accounting error corrections.