QUESTION 1. Provide brief but complete responses to the following: 1. What are the three handy hints for solving most accounting questions? 2. How might the drop in corporate tax rates from the Tax Cut \& Jobs Act of 2017 impact companies choosing to use LIFO? 3. What is the benefit of using accelerated depreciation for income tax purposes when the total depreciation taken over the asset's life is identical under any method of depreciation? 4. Of what significance is inventory turnover for a retailer? 5. Why must a company record an asset retirement obligation? 6. If a company misclassifies a payment as a capital expenditure, what is the impact on the financial statement now and into the future? 7. If you did not record a loss indicated on an exchange of assets, what would amount would be used to record for the new asset? And why do we not want to use that??? 8. Why is cost allocation necessary when a company makes a lump sum purchase of several fixed assets? 9. A company reported $2 million of depreciation expense in its income statement. Explain what this means to a nonbusiness friend who has little to no background in accounting. Also explain what it does NOT imply. 10. What relationship does fair value and book value have for the same asset. Are there ever times when fair value and book value are the same? Discuss