(26 points) PARTL MULT Instructions: Designate the best answer for each of the following questions. 1. Which of the following is included as part of property, plant, and equipment but does not decline in service potential? a. Land on which a company warehouse is built b. Fixed assets used in production c. A patent that provides a superior produt compared to competitors d. Parking lots and sidewalks providing access for a company's employees What does the balance of the Accumulated Depreciation account represent? a. The decline in value of plant assets 2. b. The accumulation of funds needed to replace the assets at the end of their useful life c. The portion of the cost allocated as an expehse since the asset was acquired d. The fair value of the asset that is being depreciated What is the goal when a company is selecting a depreciation method? a. To select a method that best measures an asset's contribution to revenue over its 3. life b. To select a method that allows the least amount of income taxes to be paid c. To select the method that is required by GAAP for each particular asset d. To select a method that measures the asset in units of output 4. When an asset is depreciated, to what amount will its book value at the end of it useful life be equal? a. The cost of the asset being depreciated b. Total accumulated depreciation c. The salvage value of the asset d. The annual cost allocation amount