Question 12 (3 points) Depreciation is a process by which O replacement funds are accumulated for plant and equipment. the decline in market value of plant and equipment is determined and recorded. the cost of plant and equipment is allocated to expense over the time periods which benefit from the use of the asset. the difference between current market value and historical cost of plant and equipment is determined and recorded. Question 13 (3 points) XUH, Inc. XUH, Inc. experienced some difficulties with cash flow, so it approached one of its vendors, PDQ Enterprises, about a payment extension. PDQ agreed to the extension, on the condition that XUH sign a note that includes 9% interest. Refer to the information for XUH, Inc. Assume that XUH agrees to the condition. What journal entry will XUH record for this transaction? O Debit accounts payable and credit notes payable. Debit notes payable and credit accounts payable. Debit accounts payable and credit accounts receivable. Two separate entries are required: one for the retirement of the account payable for cash and one for the issuance of the note payable for cash. Question 14 (3 points) Liabilities may be settled by O transfer of cash or another asset. O delivery of goods. O performance of service. O creation of another liability. o all of the above