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Use the following diagram to answer the next three multiple choice questions to 1415 16 21 22 23 24 Depreciation Expense () Policy C Policy A 1 30 31 35 36 37 38 30 Policy B Years Finish attempt Assets that produce their greatest benefits to a firm early in their useful life and less benefit later on should be depreciated using O a Policy A b. Policy B Oc Policy d. Long-term assets should not be depreciated on 6 The straight-line method of depreciation is illustrated in the diagram above by saved out of a. Policy A Ob. Policy B OC Policy d. None of the above. Clear my choice 7 The units of production method of depreciation is illustrated in the diagram above by: wut of O a: Policy A O b. Policy B Oc. Policy C Od. None of the above. Time left 1:28:22 CAPITAL ASSETS & DEPRECIATION Use the following information to answer the following multiple choice questions. ABC Limited purchased land and two pieces of machinery for a lump sum price of $450,000. At the time of purchase, appraisals were obtained for the assets acquired: Appraised Value Land Machine A Machine B Total $ $ S $ 350,000 100,000 50,000 500,000 What will be the capitalized "cost" of each asset when the purchase is recorded? a. Land $350,000, Machine A $50,000, Machine B S100,000 b. Land $315,000, Machine A $45,000, Machine B $90,000 OG. Land $315,000, Machine A $90,000, Machine B $45,000 O d. Land $350,000, Machine A $100,000, Machine B $50,000 Clear my choice Quis 3 Land The adjusting journal entry needed at December all to record depreciation on Machine A would love the following entry > DR Machine A CR Accumulated Deprecation OD DR Accumulated Depreciation CR Depreciation Expense OC DR Depreciation Expense CR Accumulated Depreciation Od DR Depreciation Expense CR Machine A question Question 4 Assume Machine A was sold at the end of Year 4 for $50.000 when its net book value was $65.000 How much of a gain or loss will be reflected in the income statement? Net and out of 100 Fug Question Oa Gain of $15,000 bi Loss of $65.000 Oc Gain of 350,000 Od Loss of $15.000