1. Choose the most accurate statement as it relates to salvage value A. Not a factor relevant to determining depletion. B. A factor relevant to determining depreciation under MACRS factor relevant to determining depreciation that cannot be revised during an asset's useful life. D. A factor relevant to amortizing an intangible asset with an indefinite life. E. An estimate of the asset's value at the end of the benefit period. An lates to the useful life of an 2. We've discussed the word obsoles asset. This term refers to: A. The end of an asset's useful life insufficient capacity of a company's plant assets to meet the company's productive demands C A piece of equipment that is no longer useful in producing goods and services with a competitive advantage. D. An asset's salvage value becoming less than its replacement cost E. Intangible assets that have been fully amortized. 3. Corporate University Xchange purchased a tractor/trailer costing $70,000 had an estimated useful life of 7 years and an estimated salvage value of $14.000. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 7 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 will be: A. $6,000.00. B. $9,000.50. C. $7,500.00. D. $8,000.00. E. $12,000.00. 4. DePalma Inc, has decided to discard one of its batting cages at year end. The accumulated depreciation of of the $260,000, Depreciation has been recorded up to the end of the year. Which following will be included in the entry to record the disposal? a. Gain on Disposal of Asset Cr., $50,000 b. Loss on Disposal of Asset Dr., $260,000 c. Accumulated Depreciation Dr., $310,000 d. Equipment Cr., $310,000