I need the answer pleases depreciation

TRUE / FALSE

1. Plant assets have a useful life of more than one year. True or False

2. The cost of a plant asset includes the invoice price, any delivery charges paid by the purchaser, installation charges, and sales tax. True or False

3. The cost of any repairs made to a plant asset because of vandalism, carelessness, or other abnormal causes would be debited to the appropriate asset account. True or False

4. The journal entry to record depreciation involves a debit to the Accumulated Depreciation account and a credit to the Depreciation Expense account. True or False

5. The book value of a plant asset is defined as the cost of the asset minus its accumulated depreciation. True or False

Multiple Choice

6. Which of the following is not a characteristic of plant assets?

a. Plant assets are acquired for resale to customers in the normal course of business

b. Plant assets are depreciated over their estimated useful lives.

c. Plant assets have a tangible or physical quality.

d. Plant assets are used in the operation of the business.

7. On January 1, 20X1, a plant asset is acquired for $25,000. The asset has an estimated useful life of four years and an estimated salvage value of $5,000. If the straight-line method of depreciation is used, the balance in the Accumulated Depreciation account on December 31, 20X3, will be

a. $5,000.

b. $15,000.

c. $12,500.

d. $10,000.

8. On July 1, 20X2, a plant asset was acquired for $20,000 and had an estimated useful life of five years and an estimated salvage value of $5,000. If the straight-line method of depreciation is used, what would be the amount of the adjusting entry for depreciation expense at December 31, 20X2?

a. $4,500

b. $1,500

c. $3,000

d. $2,250

9. On January 1, 20X0, a plant asset was acquired for $20,000 and had an estimated useful life of four years and an estimated salvage value of $4,000. If the double decliningbalance method is used, the balance in the Accumulated Depreciation account on December 31, 20X1, will be

e. $10,000.

f. $15,000.

g. $8,000.

h. $12,000.

10. On January 1, 20X1, a plant asset was acquired for $30,000 and had an estimated useful life of four years and an estimated salvage value of $5,000. If the straight-line method is used, the book value on December 31, 20X4, will be

a. $5,000.

b. $25,000.

c. $18,750.

d. $11,250.