1. Which statement is true about land?

Multiple Choice

Land cannot be depreciated for greater than a 40-year period.

The straight-line method should be used to depreciate land.

Land should not be depreciated.

Land should be depreciated over the same period as the building located on it.

2. If an asset was purchased on January 1, 2015 for $140,000 with an estimated life of 5 years, what is the accumulated depreciation at December 31, 2018?

3.

In a ledger, debit entries cause:

Multiple Choice

Increases in owners' equity, decreases in liabilities, and increases in assets.

Decreases in assets, decreases in liabilities, and increases in owners' equity.

Decreases in liabilities, increases in assets, and decreases in owners' equity.

Decreases in assets, increases in liabilities, and increases in owners' equity.