Mark the following statements as true or false, then select the corresponding multiple-choice answer. Depreciable base is defined as the book value of an asset less the salvage value. Net income will be less in the early years of an asset's life if the company is using double declining depreciation as compared to straight-line depreciation. Per GAAP a company must use the same method of depreciation for all of its fixed assets. True, True, True O False. True, False False, False, False True, True False True, False, False Aggie Company purchased equipment on January 1, 2021. The following information is available concerning the purchase: Invoice price $12,000 Installation costs $300 Shipping charges $950 Trial run material $100 Purchase terms 3/10, net 30 Trial run labor $200 Payment date January 8, 2021 Insurance for first year $400 The equipment is being depreciated using the straight-line method over a 10-year life with a salvage value of $1,000. Depreciation expense for 2021 would be what amount? O $1,219 $1,259 O $1,319 O $1,124 $1,289 A corporation purchased land, a building, and equipment for a total cost of $450,000. Fair market values based on an appraisal were determined to be $120,000 for the land, $280,000 for the building, and $80,000 for the equipment. After the group purchase, the company renovated the building at a cost of $12,000. At what amount should the building be recorded? O $298,667 O $292,000 $274,500 O $262,500 O $310,667