Which of the following is not necessary in calculating the depreciation expense for the first year for a newly purchased factory forklift? Estimated salvage value Total cost of the forklift at acquisition Depreciation rate Market value of the forklift during its useful life Estimated useful life A machine originally had an estimated useful life of 6 years, but after 4 complete years, it was decided that the original estimate of useful life should have been 10 years. At that point the remaining cost to be depreciated should be allocated over the remaining: 16 Years 6 Years 10 Years 2 Years 4 Years Which statement is true concerning the straight-line method of depreciation? Depreciation is equal to the proceeds received on sale less the amount paid to acquire the asset Depreciation is recognized evenly over the estimated useful life of the asset Annual depreciation expense is highest in the early years and decreases over the life of the asset Purchase cost is expensed in the year of acquisition The relevant factors in computing depreciation do not include: Market Value O Salvage Value O Depreciation Method O Useful Life O Cost