Robertson Inc. prepares its financial statements according to International Financial Reporting Standards. At the end of its 2011 fiscal year, the...

1.Robertson Inc. prepares its financial statements according to International Financial Reporting Standards. At the end of its 2011 fiscal year, the company chooses to revalue its equipment. The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of: $240,000. $264,000. $270,000. None of the above. 2.Canliss Mining uses the retirement method to determine depreciation on its office equipment. During 2009, its first year of operations, office equipment was purchased at a cost of $14,000. Useful life of the equipment averages 4 years and no salvage value is anticipated. In 2011, equipment costing $5,000 was sold for $600 and replaced with new equipment costing $6,000. Canliss would record 2011 depreciation of: $3,500. $4,400. $5,400. None of the above. 3.Canliss Mining uses the replacement method to determine depreciation on its office equipment. During 2009, its first year of operations, office equipment was purchased at a cost of $14,000. Useful life of the equipment averages 4 years and no salvage value is anticipated. In 2011, equipment costing $5,000 was sold for $600 and replaced with new equipment costing $6,000. Canliss would record 2011 depreciation of: $3,500. $4,400. $5,400.