1-Straight Line depreciation generally results in equal amounts of depreciation in each year.

True

False

2-It is unusual for a company to make an incorrect estimate for an asset's useful life or residual value. As a result, depreciation calculations can never be revised.

True

False

3-Atract ofland costs $200,000. The estimated residualvalue is $50,000, and it is estimated to have a useful life of 10 years. If the company uses stratight-line depreciation, the depreciation expense for year 1 is.

$15,000

$5,000

$0

$20,000

4-Under the current rules, land is:

not depreciated for financial statement purposes (GAAP), but is depreciated for tax purposes

depreciated for financial statement purposes (GAAP), but is not depreciated for tax purposes

depreciated for both financial statement purposes (GAAP) and for tax purposes

not depreciated for financial statement purposes (GAAP) or for tax purposes