1. Explain the cost determination framework. 2. What are the steps to calculate asset's depreciation? 3. Describe how to compute depreciation for less than a full year and how to account for depreciation for less than a full month. 4. What is residual value? How does it impact the asset depreciation methods? 5. Describe how to determine whether a company experiences a gain or a loss when it sells an old plant asset. 6. Why is it not counted the selling of an asset as the company's sale revenue? 7. What is the difference between asset's depreciation and asset's amortization