Knowledge Check 01 Which of the following statements about the concept of cost allocation as it pertains to equipment are true? (Select all that apply.) Check All That Apply Depreciation is recorded period expensei e income statement The cost of any causioon remonts nearly recorded as a The cost of an acquistoon otequement located to depletion expense over the reporting petos benefited by user For equipment used in the manufacture of product, depreciation is considered a product cost to be included as part of the cost of Inventory