Losses on the sale of long-term assets for cash: A. Are the excess of the book value over the cash received. B. Are recorded as a credit C. Are reported on a net-of-tax basis if material. Are the excess of the cash received over the book value. 30 Which of the following best describes the objective of depreciation? A. To allocate the cost of a long-term asset to an expense over its service life. B. To estimate the remaining useful life of an asset. C. To report the asset on the balance sheet at the estimated amount for which the asset could be sold. D. To estimate the current market value of the asset. Part II - Multiple-Step Income Statement (40 points)