A Loss or Gain on the disposal of equipment is reported in the: Select one: a. Non-operating portion of the Income Statement b. Asset section of Balance Sheet c. Operating portion of the Income Statement The journal entries for discarded equipment which is fully depreciated are: Select one: a. Debit Equipment and Credit Accumulated Depreciation b. Debit Depreciation Expense and Credit Equipment c. Debit Accumulated Depreciation and Credit Equipment The UPD method is similar to: Select one: a. Double-declining Method b. Straight-line Depreciation Method C. MARS When using the UPD Method the "estimated useful life" is measured in: Select one: a. Years b. Days c. Units of Activity When using the UPD Method, it is necessary to estimate a: Select one: a. Residual Value b. Book Value c. Market Value Natural resources are used up and are accounted for thru: Select one: a. Depreciation b. Depletion c. Amortization The depletion rate is calculated as follows: Select one: a. Cost of Resource - Estimated Total Units in the resource b. Cost of Resource + Annual production c. Cost of Resource + Accumulated Output An Intangible Asset is defined as: Select one or more: a. Long lived b. Used in operations c. Can not be "touched"/ "not physical" d. All of the above The following Intangible Assets can be amortized: Select one: a. Patents & Copyrights b. Trademarks and Goodwill c. a &b