When does the cost of land affect an entitys profit or loss?

a. As the asset is used through periodic charges for cost allocation

b. When the asset is revalued upwards

c. When the related revaluation is recognized on a piecemeal basis as the asset is used

d. When the asset is impaired or when it is sold above or below its carrying amount

In order to calculate the third year's depreciation on an asset using the sum-of- the-years'-digits method, which of the following must be known about the asset?

a. Its acquisition cost

b. Its estimated residual value

c. Its estimated useful life

d. All the above must be known.