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PART 1: Long Term Assets (30 points) 1. Long-term assets are shown on the balance sheet at: a. Their current market value. b. The amount it will cost to replace them after they reach the end of their useful life. C. Their original cost minus accumulated depreciation. d. Their purchase price multiplied by an inflation adjustment factor. 2. Depreciation is the process of a. Showing that assets wear out over time. b. Accumulating cash to replace old assets. c. Recording an expense for an asset over the time it creates revenue. d. Reducing an asset to its market value. 3. A corporation can finance its assets by each of the following except: a. Borrowing. b. Issuing stock. c. Creating and keeping net income. d. Paying dividends