Question 22 5 pts Which of the following statement about depreciation is correct? depreciation base, the salvage value, and the depreciation The three factors to determine the depreciation expense method. When computing the depreciation rate for the sum-of-the-years'-digits method, salvage value is ignored. If the asset life is 8 years, the 150% declining balance rate is 18.75%. The book value is allowed to go below the salvage value when a company uses the double declining balance method. D Question 23 5 pts Which of the following statement about depreciation and depletion is NOT correct? The estimated life in computing depreciation or depletion is based on economic or productive life. Assets subject to either are reported under different classifications on the balance sheet. Many methods are used in computing depreciation but only two methods are used in computing depletion. Depletion refers to the physical exhaustion or consumption of the asset while depreciation refers to the wear, tear, and obsolescence of the asset