Which of the following is false? Select one: A. amortization is a process of valuation B. accumulated amortization is that portion of the property. plant, and equipment asset's cost that has already been recorded as an expense C. book value is cost less accumulated amortization D. amortization expense is the amortized amount for the current period only An asset was purchased for $12,000. The asset's estimated useful life was 5 years, and its residual value was $2,000. Straight-line amortization was used. How much gain or loss is reported if the asset is sold for $4,500 at the end of the third year? Select one: A. $2,000 loss B. $1,500 loss C. No gain or loss D. $1,500 gain Which of the following would be considered part of the cost of a printing press? Select one: A. The annual recalibration fees. B. The ink and paper used after startup. C. The medical fees for a worker who was injured while installing the press D. The cost of a test run to make sure the press worked properly