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ACC101 Principles of Accounting II TRUE / FALSE 1. The cost of a plant asset includes the invoice price, any delivery charges paid by the
ACC101 Principles of Accounting II
TRUE / FALSE
1. The cost of a plant asset includes the invoice price, any delivery charges paid by the purchaser, installation charges, and sales tax. True or False
- The cost of any repairs made to a plant asset because of vandalism, carelessness, or other abnormal causes would be debited to the appropriate asset account. True or False
- The journal entry to record depreciation involves a debit to the Accumulated Depreciation account and a credit to the Depreciation Expense account. True or False
- The book value of a plant asset is defined as the cost of the asset minus its accumulated depreciation. True or False
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