Which of the following statements about a method of valuing assets are true? Mark each with a T for true, or an F for false.

1 Replacement cost represents a current valuation of what the entity is worth.

2 Replacement cost is usually simpler to determine than historical cost.

3 Replacement cost is more objective than historical cost.

4 Flistorical cost is the more true and fair valuation.

5 Historical cost is a more useful method of valuation than replacement cost .