Once a useful life is established for an asset it cannot be changed. True or False

Once a depreciation method is chosen for an asset that depreciation method cannot be changed. True or False

Straight-line depreciation is the most common depreciation method in use. 1) True or False .

Double declining balance depreciation is used only when an asset is expected to decline in value rapidly due to changes in technology. True or False

Payment for repairs to a newly purchased piece of equipment that was damaged during shipment can also be capitalized as a necessary cost of getting the machinery functional.