10. (88). On April 8, 2009, Genesis Foundation acquired equipment at a cost of $400,000. The equipment is to be depreciated by the straight-line method over five (5) years with no provision for salvage value. Depreciation for fractional years is computed using the half-year convention. Depreciation expense recognized in the 2009 year of acquisition will be: A. $40,000. B. $66,667 O C. $80,000 O D. $200,000 1. (22) Cash accounts that are used as minimum compensating balances for loans should not be included as part of the cash shown on the balance sheet. True False 5.(33). Companies benefit by using accelerated (200% declining balance) depreciation for tax purposes because it increases depreciation expense, thereby reducing net income, and therefore taxes due, for that year. True False