$1.$Depreciation of a plant and machinery is the process of $\_\_\_\_\_\_\_\_.(1$ Point$)$allocation of the assets cost to the periods of useasset valuation based on current replacement cost dataasset valuation for statement of financial position purposesfund accumulation for the replacement of the asset$2.$The estimated economic life of a piece of fixed asset is also known as $\_\_\_\_\_\_\_\_.(1$ Point$)$useful lifenet book valuesalvage liferesidual value$3.$Which of the following would not be considered as an intangible asset?$(1$ Point$)$CopyrightGoodwillPatentLand$4.$Under the direct method, what is the double entry to record bad debts incurred by the customers?$(1$ Point$)$Dr Account Receivable Cr Bad Debts ExpensesDr Bad Debts Expenses Cr Account ReceivableDr Bank Cr Bad Debts ExpensesNone of the above. $5.$In Canada, the direct method of recording bad debts cannot satisfy the requirements of the Canadian GAAP. $(1$ Point$)$TrueFalse$6.$A car dealership in Mercedes Benz sells a GLC $300$ to a customer for $$35,000.$ The customer makes a $10\%$ down payment, and the dealership finances the remaining $90\%$ in$-$house. How much will the car dealership record in Accounts Receivable for this customer?$(1$ Point$)$$$8,750$$$19,250$$$7,000$ $$31,500$