QUESTION 1 The historical cost of an asset less its accumulted depreciation is know as: fair market value book value capitalized value O acquisition cost QUESTION 2 The use of the double declining method for depreciation will yield lower depreciation expense in the first year of an asset's life as compared to the straight-line method. True False QUESTION 3 Which of the following costs should NOT be classified in the financial statements as Land? legal fees associated with the purchase of land architecture fees for construction of a new building located on the land site past due property taxes for the year following the purchase of land clearing costs to remove old structures on the land