Review the following accounting practices and indicate whether you believe that the practice is correct or incorrect. Justify your answer with an accounting concept. principle, or assumption.

a. Citcra Company, a large multinational corporation, expensed the acquisition of a $4,000 computer system.

b. Mason Manufacturing acquired a new metal stamping machine at a cost of $50,000. Mason will depreciate the asset over its 10-year useful life.

c. Gabriel Grocery Stores needed to overhaul one of its stores at a cost of $75,000. The company decided to expense this amount as repairs and maintenance.

d. Dina Design Studios charged the $600 cost of a new laptop for the owner's daughter to office equipment expense.

e. Walsh Water Services issues financial statements on both a quarterly and an annual basis to its shareholders.