Carey Company buys land for $50,000 on 12/31/16 As of 3/31/17, the land has appreciated in value to 550,70 and has an appraised value of $51,800. By what amount should the Land account be increased in a. $0 b. $700 . $1,100 d. $1,800 31) All of the following factors in computing depreciation are estimates except a. cost b. residual value. c. salvage value. d. useful life The book value of a plant asset is the difference between the a. replacement cost of the asset and its historical cost b. cost of the asset and the amount of depreciation expense for the year c. cost of the asset and the accumulated depreciation to date. d. proceeds received from the sale of the asset and its original cost 32) 33) Depletion is a. a decrease in market value of natural resources b. the amount of spoilage that occurs when natural resources are extracted. c. the allocation of the cost of natural resources to expense. d. the method used to record unsuccessful patents 34) Research and development costs a. are classified as intangible assets. b. must be expensed when incurred under generally accepted accounting principles. c. should be included in the cost of the patent they relate to. d. are capitalized and then amortized over a period not to exceed 40 years. Ageneral partner in a partnership a. has unlimited liability for all partnership debts b. is always the general manager of the firm. c. is the partner who lacks a specialization. d. is liable for partnership liabilities only to the extent of that partner's capital equity 35) 36) A partnership a. is dissolved only by the withdrawal of a partner b. is dissolved upon the acceptance of a new partner. c. dissolution means the business must liquidate d. has unlimited life