Alysha Monet has prepared the following list of statements about depreciation.

Identify each statement as true or false.

Depreciation is a process of asset valuation, not cost allocation.

Depreciation provides for the proper recording of expenses $($efforts$)$ with revenues $($results$).$

The book value of a plant asset should approximate its fair value.

Depreciation applies to three classes of plant assets: land, buildings, and equipment.

Depreciation does not apply to a building because its usefulness and revenue$-$producing ability generally remain intact over tif

The revenue$-$producing ability of a depreciable asset will decline due to wear and tear and to obsolescence.

Recognizing depreciation on an asset results in an accumulation of cash for replacement of the asset.