a. The economic entity concept means that economic activity can be identified with a particular legal entity. True or false? b. Which concept or principle states that the life of a business can be divided into equal time periods? c. A large company purchases a $250 digital camera and expenses it immediately instead of recording it as an asset and depreciating it over its useful life. This practice may be acceptable because of which principle? d. An asset with a cost of $120,000 is depreciated over its useful life of 10 years rather than expensing the entire amount when it is purchased. This complies with which principle? On November 1, 2022, Company X purchased a vehicle at $1.690.000 (Useful life:8 years; Scrap value estimated as $10,000; Straight-line depreciation method). Determine: 5 a. Annual depreciation expense of the vehicle b. Depreciation expense of year 2022 c. Net book value at the end of 2022 . d. Carrying value at the end of 2028 On 09/10/N, A Company purchased merchandise M on credit: Quantity 300kg, unit cost $6/kg. Freight in $180. On 15/10/N,A issued 600kg of merchandise M for sales. Opening balance of M: quantity 500kg,$3.150, LIFO cost method, accounting period: month. Determine: a. Cost of purchased b. Cost of goods sold c. Cost of merchandise at the end of accounting period 1