8. Fences and parking lots are reported on the balance sheet as a. current assets. b. land improvements. c. land D. property and equipment. 9. A company pays $100,000 for the rights to a well with 10 million gallons of water. It the company extracts 250,000 galions of water in the first year, what is the total depletion in year 1? a.$2,500 b.$1.000 c.$1,250 d.$10,000 10. JME acquired a depreciable asset on January 1, 2011, for $40,000 cash. At that time JME estimated the asset would last 10 years and have no salvage value. During 2013, JME estimated the remaining life of the asset to be only four more years with zero salvage value. If JME uses straight-line depreciation, What is the depreciation for 2013? a.$6,000 b.$12,000 c.$8,000 d.$11,250 Tyson Chandler Company purchased equipment for $135,000. The shi3pping cost was $5,000. Tyson spent an additional $15,000 testing and preparing the equipment for use. What amount should Tyson record as the cost of the equipment? 11. A.$135,000 b.$155,000 c.$145,000 D.$125,000