SUM-OF-THE-YEARS DIGITS Definition

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SUM-OF-THE-YEARS DIGITS (SYD) is the accelerated depreciation method in which a constant balance (cost minus salvage value) is multiplied by a declining depreciation rate.

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STATUTORY LIEN is an involuntary lien, which is created by law rather than by contract. Statutory liens include tax liens, judgment liens, mechanics liens, etc.

CORPORATION is a type of business organization chartered by a state and given many of the legal rights as a separate entity.

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