B) S640,000. C) $480,000. D) $560,000. 4. Which of the following estimates would cause net income to be higher? 1. Longer useful life for depreciable equipment II. Shorter useful life for depreciable equipment III. Higher percentage of bad debts IV. Lower percentage of bad debts A) II and IV B) II and III C) I and IV D) I and III 5. Which of the following would cause net income to be higher during the fir 1. Using FIFO as prices rise during the year II. Using LIFO as prices rise during the year III. Recording 50% of revenue during the first year of a four year contre IV. Recording revenue evenly throughout the life of a four year contrac A) II and IV B) II and III C) I and IV D) I and