What are the limit of fields that can be created in an Object?

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Summary of the question:

How many columns can be created in a custom object?

Also, the max limit is based on number of column or size per custom object? Example: let's say the implementer can create max 10 text field with 20 char, In this case the maximum fields allowed are 10 or can the implementer create 20 columns with 10 char allocated?

Supporting Documents if any:

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