Question 23 (1 point) Once the estimated depreciation for an asset is calculated O O Od it can not be changed due to the historical cost concept any charge would be accumulated and recorded at the time of disposal of an asset it may be revised based on the availability of new information the estimate can not be changed but the new information must be disclosed in notes to financial statements Question 24/1 point Estimated liabilities are also referred to as provisions True False Question 252 points) On January 1, 2020. Sportscan purchased a new equipment for $5,400. The equipment has a useful life of 5 10 years and residual value of 400 using double-declining balance method, depreciation charge for the 2nd year would be O 500 540 864 1000 Question 26 (1 point) The systematic allocation of the cost of a patent to each periodof its useful life is called O O Od Amortization Depreciation Disposal Impairment Question 27 (1 point Reason for impairment of an asset would be b all of the above significant reduction in asset's market value adverse effect caused by technological changes adverse effect caused by legal changes Od Question 28 (1 point Major Company borrowed $ 12,000 by signing an interest-bearing 45-day note payable to replace an overdue accounts payable. To record this transaction, Major Company should prepare a journal entry that would include O O debit to notes payable for $ 12,000 credit to accounts payable for $ 12,000 debit to accounts payable for $ 12,000 credit to cash for $ 12.000