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- Of the following, what information is required to calculate depreciation allowances under straight-line depreciation? I. Useful life II. First cost III. Salvage value IV. Property class. a. I and II only. b. II and IV only. c. I, II, and III only d. I, II, III, and IV.Explain what is meant by depreciation. Describe the methods of depreciation and give a numerical for straight-line method.Recording depreciation each period is necessary in accordance with the Select one: a. going concern principle. b. expense recognition principle. c. historical cost principle. d. asset valuation principle.
- Depreciation Concepts Listed below are concepts and terminology related to depreciation. Required: Match each concept with the related terminology.Using the information from EB7, calculate depreciation using the straight-line method.Depreciation expense under the invenroty system is a. Based on cost minus residual value b. Basically a FIFO approach to depreciable asset accounting c. The result of applying a depreciation rate to the original cost d. A measure of the change in the value of the depreciable asset