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Withrespect to financial statements, which of the following statements is true of depreciation? Depreciation can be taken beyond the residual value of the asset. The

Withrespect to financial statements, which of the following statements is true of depreciation?

  • Depreciation can be taken beyond the residual value of the asset.
  • The residual value of the asset is determined by the government.
  • Accumulated depreciation is credited below the referenced asset.
  • Land is depreciated on a 25-year schedule.

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