7.If there is a change in an estimate of the salvage value and/ or useful life of a company car, how would you calculate the change in the depreciation expense? Explain your answer and provide the formula you would use to solve this problem.

8.What is the difference between capital expenditures and revenue expenditures?

9.What is the difference between ordinary repairs and extraordinary repairs?

10.What is the formula to calculate depletion per unit? What are the steps to calculate the depletion expense?

11.What is an intangible asset? Provide an example of four intangible assets.