16. On January 1, 2023, ABC acquired land at a cost of $2,943,554. $83,302 were invested in preparing the land for its use. The company expects to use the land for 7 years and then sell it for $12,379. How much will the depreciation expense of the land be as of December 31, 2023, if the straight-line method is used?

a. $418739.29

b. $0

c. $430639.57

d. $432408.00

17. On October 1, 2023, ABC acquired a new team. If residual value is excluded from the computation of depreciation, net income for 2023 will be Select one:

a. underestimated under the Double Rate on Declining Balance method

b. underestimated under the Straight line method

c. overestimated under the Double Rate method on the Declining Balance (Double declining balance)

d. overestimated under the Straight line method