8. If useful life of an asset is 20 years, the accelerated depreciation rate is 10%. * (1 Point) False True 10. As of December 31, 2019, ABC Company owned the tangible fixed assets. These assets were equipment, furniture, and a lorry. To depreciate the equipment and furniture, ABC Company used straight-line method. On the other hand, to depreciate lorry, ABC Company used double- declining balance method. To depreciate these assets, ABC Company used depreciation for fractional years rounded to the nearest whole month. The details of these assets were as followsher Purchase Date Original Cost Residual value Useful life Lorry February 28, 2014 $120,000 $5,000 10 years Equipment March 1, 2017 $42,500 $500 8 years Furniture August 1, 2017 $38,000 $2,000 6 years What was the accumulated depreciation of the lorry on December 31, 2016? (3 Points) O $64,000 $68,800 $56,000 some other amount