.) The total cost of an asset less its accumulated depreciation is calle A) Historical cost. Book value. C) Present value D) Current (market) value. E) Replacement cost. 14) A company purchased a delivery yan for $28.000 with a salvag ased a delivery van for $2.00 with a salvage value of $3,000 on September 1, Year 1. It ha Year 1. It has an estimated useful life of 5 years. Using the how much depreciation expense should the company roce A) $5,000. Pense should the company recognize on December 31, Year 1? B) $1,667. C) $1,400. D) $1,250. E) $2,067. ed useful life of 5 years. Using the straight-line method. 15) Ordinary repairs meet all of the following criteria except: A) Are expenditures to keep an asset in good operating condition. B) Are necessary if an asset is to perform to expectations over its useful ne. C) Extend the useful life of an asset bevond its original estimate by several years. D) Include cleaning, lubricating, and normal adjusting. E) Are treated as expenses. 10) A company discarded a computer system originally purchased for $18,000. The accumulated depreciation was $17,200. The company should recognize aan): A) SO gain or loss. B) $800 loss. C) $800 gain. D) $8,000 loss. E) $7,200 loss. 17) A company purchased a tract of land for its natural resources at a cost of $1,500,000. It expects to mine 2,000,000 tons of ore from this land. The salvage value of the land is expected to be $250,000. If 150,000 tons of ore are mined during the first year, the journal entry to record the depletion is: A) Debit Depletion Expense $93,750; credit Natural Resources $93,750. B) Debit Cash $112,500; credit Natural Resources $112,500. ) Debit Depletion Expense $93,750; credit Accumulated Depletion $93,750. ) Debit Cash $93,750; credit Accumulated Depletion $93,750. 3) Debit Depletion Expense $112,500; credit Accumulated Depletion $112,500