Question Completioh Status QUESTION 1 Plant assets are reported on a balance sheet at their book value (acquisition costs less accumulated depreciation), and not necessarily at fair (market) value. True False QUESTION 2 Martin Company purchases a machine at the beginning of the year at a cost of $60,000. The machine is depreciated using the double-declining-balance method. The machine's useful life is estimated to be 4 years with a $5,000 salvage value. Depreciation expense in year 4 is: $13,750. O $5,000. $3.750. O $2,500. $30,000. QUESTION 3 Extraordinary repairs: Extend the useful life of an asset beyond its original estimate. Are credited to accumulated depreciation. O Are revenue expenditures. Are additional costs of plants assets that do not materially increase the asset's life. Save All Answers