27. Which of the following best describes the objective of depreciation? A. To estimate the remaining useful life of an asset. B. To estimate the current market value of the asset. C. To allocate the cost of a long-term asset to the periods in which its use contributes to earning revenue. D. To report the asset on the balance sheet at the estimated amount for which the asset could be sold 28. Losses on the sale of long-term assets for cash: A. Are reported on a net-of-tax basis if material. B. Are the excess of the book value over the cash received C. Are recorded as a credit. D. Are the excess of the cash received over the book value