1. Plant assets are defined as: A) Current assets. B) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. C) Intangible assets used in the opcrations of a business that have a useful life of more than one accounting period. D) Tangible assets used in the opcration of business that have a useful life of less than ono accounting period. E) Held for sale. 2. Marlow Company purchased a point of sale system on January 1 for S3,400. This system has a useful life of 10 years and a salvage value of S400. What would be the book value of the asset at the end of the first year of its useful life using the double-declining-balance method? A) $680 B) S2,320 C) S2,720. D) $600 E) S300 Answer Questions 3-4 using the information below: Riverboat Adventures pays $310,000 plus S15,000 in closing costs to buy out a competitor. The real estate consists of land appraised at S35,000, a building appraised at S105,000, and paddleboats appraised at $210,000 3. Compute the cost that should be allocated to the building. A) $97,500 B) S105,000 C) $89,178 D) $140,000 E) $93,000 4. Compute the cost that should be allocated to the land. A) $97,500 B) S140,000 C) S32,500 D) $31,000 E) $93,000