Reversing entries should be made for adjusting entries recording depreciation O adjusting entries for all deferrals O adjustment for estimated uncollectible accounts O adjusting entries recording salaries The cost of land should usually include all of the following except: Property taxes after date of acquisitions assumed by the purchaser Commissions related to acquisition Cost of survey Property taxes to date of acquisition assumed by the purchaser The premium on a two-year insurance policy expiring on June 30, 2020, was paid in total on July July 1, 2018. The original payment was debited to Insurance Expense account. The appropriate journal entry has been recorded on December 31, 2018. The balance in the prepaid asset account on December 31, 2018 should be lower than if the original payment had been initially debited to an asset account. O the same as it would have been if the original payment had been initially debited to an asset account. the same as the original payment. higher than if the original payment had been initially debited to an asset account. A plant asset was acquired at the beginning of the year for P110,000. The estimated economic life is 5 years, with a salvage value. If the annual depreciation expense using the straight-line method is P20,000, how much would be the estimated salvage or scrap value? * P10,000 P5,000 O P15,000 OP20,000