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8. Cambodian Import Company purchased a depreciable asset for 160,000 on April 1, 2019. The estimated salvage value is 40,000, and the estimated useful life is 5 years. The straight-line method is used for depreciation. What is the balance in accumulated depreciation on March 1, 2022 when the asset is sold? a. 66,000 b. 70,000 c. 72,000 d. 186,667 9. Antigua Company purchased a depreciable asset for $45,000 on October 1,2020 . The estimated salvage value is $9,000, and the estimated useful life is 6 years. The straight-line method is used for depreciation. What is the book value on July 1,2022 when the asset is sold? a. $10,500 b. $15,750 c. $25,500 d. $34,500 2. Which of the following is not true of depreciation accounting? a. Depreciation lowers the book value of the asset as it ages and its fair value declines. b. Depreciation matches expenses against revenues over the periods which benefit from the asset's use. c. Depreciation is a process of cost allocation. d. Tangible assets with limited lives are depreciated