10) Gain or Loss on sale of equipment is the difference between: st of replacine old parts on machinery (de A) cost minus accumulated depreciation useful life B) cost minus residual value C) selling price minus book value D) book value minus accumulated depreciation me 11) The book value of equipment always equals the market/fair value of equipment. True or False 12) When a company uses the straight-line method of depreciation, the amount of depreciation charged to expense will be reduced from year to year. True or False 13) Useful life of a plant asset refers to the period for which it can be used for the purposes of the business. True or False 14) Under accounting rules you are allowed to depreciate any asset below salvage/residual value. True or False