Question 4 (2.5 points) Which of the following assets would be amortized? 1) Land improvements. 2) Extraordinary repairs on machinery, 3) Patent 4) Standing timber. Plant assets are recorded at cost when acquired, consistent with the cost principle. Cost includes all of the following except 1) Purchase price 2) Installation. 3) Taxes. O 4) Repairs. F Question 9 (2.5 points) A company has a piece of equipment that cost $60,000. At the time of purchase, the equipment was estimated to have an 8 year useful life and a salvage value of $5,000. It was expected that the equipment would be used for 33,000 hours during the time the company owned it. What is the amount of depreciation expense using the units- of-production method and assuming the equipment was used for 2,400 hours? 1) $6,875.00 2) $4.000.00 3) $4,363.63 4) $7,500.00