Which of the following statements about depreciation is false?

		Depreciation is a process of asset valuation, not cost allocation.
		Depreciation is required because of wear-and-tear and technological obsolescence.
		The balance in accumulated depreciation represents the total cost that has been charged to expense since placing an asset in service.
		Recording depreciation in each period is an application of the expense recognition (matching) principle

Very often, failure to record a liability means failure to record a(n)

		expense.
		gain.
		extraordinary item.
		revenue.

Regarding its common stock, Entity J has 2,500 authorized shares, 1,000 issued shares, and 70 treasury shares that it recently purchased from a departing employee. What is the number of outstanding shares?

		1,500
		1,000
		2,500
		930

Need answers asap!