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Which answer is FALSE? In accounting for plant assets, accountants must:Select one:a. Account for the disposal of the asset.b. Record subsequent expenditures on the asset.c. Record unit capacity of the asset.d. Record the acquisition cost of the asset.e. Record the allocation of the asset's original cost to periods of its useful life through depreciation.Question 6Not yet answeredMarked out of 10.00Not flaggedFlag questionQuestion textThe units-of-production depreciation formula is:Select one:a. (x)Deprecation per period = Asset cost + Estimated salvage value.b. (y)Estimated total units of production(service)during useful life of asset.c. (z)Depreciation per period = Depreciation per unit × Number of units of goods or services produced.d. (x), ????, and (z).e. (x) and (z) only.Question 7Not yet answeredMarked out of 10.006 question I need them answered in 30 minutes Not flaggedFlag questionQuestion textWhen a fully depreciated asset is still in use:Select one:a. The accrued portion of accumulated depreciation should remain unchanged and no more depreciation should be taken.b. The cost should be adjusted to market value.c. Prior years' depreciation should be adjusted.d. It should be written off the books.e. Part of the depreciation should be reversed.Question 8Not yet answeredMarked out of 10.00Not flaggedFlag questionQuestion textA truck costing $45,000 and having an estimated salvage value of $4,500 and an original life of five years is exchanged for a new truck. The cash price of the new truck is $57,000. A trade-in allowance of $22,500 is received for the old truck and the difference is paid in cash. The old truck has been depreciated for three years using the straight-line method. The new truck would be recorded at:Select one:a. $43,200.b. $57,000.c. $34,500.d. None of these.e. $55,200.Question 9Not yet answeredMarked out of 10.00Not flaggedFlag questionQuestion textLand containing a mine having an estimated 1,000,000 tons of economically extractable ore is purchased for $375,000. After the ore deposit is removed, the land will be worth $75,000. If 100,000 tons of ore are mined and sold during the first year, the depletion cost charged to expense for the year is:Select one:a. $35,000.b. None of these.c. $37,500.d. $30,000.e. $375,000.f. $300,000.Question 10Not yet answeredMarked out of 10.00Not flaggedFlag questionQuestion textBren Company purchased a patent for $36,000. The patent is expected to have a finite life of 10 years even though its legal life is 17 years. The amortization for the first year is:Select one:a. $3,600.b. $2,118.c. $36,000.d. $1,800e. $3,240.f. None of these.Question 11Not yet answeredMarked out of 6.00Not flaggedFlag questionQuestion text(T / F) Plant assets are sometimes wrecked in accidents or destroyed by fire, flood, storm, and other causes. If the asset was not insured, the loss is equal to the book value. If the asset was insured, only the amount of the loss exceeding the amount to be recovered from the insurance company would be considered a loss.Select one:TrueFalse
