Which of the following statements concerning depreciation is true?

a. Depreciation expense accounts for the loss of value of inventory.

b. There is no relationship between depreciation expense on the income statement and accumulated depreciation on the balance sheet.

c. Net property and equipment is equal to gross property and equipment minus accumulated depreciation.

d. Accumulated depreciation appears on the balance sheet under the category Other Assets.

e. For accounting purposes, depreciation is calculated by the triple declining balance method.