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g <br />(1) <br />DICKERSON FLORIDA, INC. <br />(A Wholly-owned Subsidiary of The Dickerson Group, Inc.) <br />NOTES TO.FINANCIAL, STATEMENTS <br />DECEMBER 31, 2019 and 2018. <br />Summary of Significant Accounting Policies (continued) <br />(f) Property and Equi ment (continued) <br />Depreciation is computed using the straight-line method. <br />The estimated useful lives used in computing depreciation <br />in "the accompanying financial statements are as follows:: <br />Estimated Useful Cost <br />Machinery and equipment 3 - 10 years $ 0,816,504 <br />Buildings and improvements 10 - 40 years 1,602,885 <br />Trucks and automobiles 3 - 7 years 980,021 <br />Total $ 9.39.9,410 <br />Leasehold improvements are amortized over the lesser of the <br />estimated useful lives of the leased property or the Lease <br />term. <br />Cost of equipment operations, such as depreciation expense, <br />maintenance and other costs of owning the equipment, are <br />charged to contract costs based on the standard usage <br />rates. <br />Depreciation expense amounted to $157,711 and $579,291 in <br />2019 and 2018, respectively. <br />(g) Cash and Cash Equivalents <br />For the purpose of presentation in the Company's statements <br />of cash flows cash equivalents are short-term highly liquid <br />investments that are both (1) readily convertible to known <br />amounts of cash, and (2) so near to maturity that they <br />present insignificant risk of changes in value due to <br />changing interest rates. <br />(h) Income Taxes <br />The Company records liabilities for income tax positions <br />taken oar expected to be taken when "those positions are <br />deemed uncertain to be upheld in an examination by taxing <br />authorities. As of December 31, 2019, the tax years ended <br />(1.4) <br />(continued) <br />