Short Answer Questions: Provide answers in complete sentences unless otherwise indicated. 1. (10 points) Describe the potential income statement and balance sheet effects of choosing to use an accelerated method of depreciation instead of a straight-line depreciation method. Which depreciation method do corporations most commonly use? (10 polnts) Describe the characteristics of a liability. Explain the difference between liabilities that are recorded for salary expense withholdings and those liabilities required for payroll tax items 2. s) Describe how a lump sum acquisition cost is allocated or separated into individually recorded Plant Property and Equipment