Read the following statement and specify whether they are True or False: To answer the question select True or False using the options from the dropdown box. The diminishing balance method calculates lower depreciation each year which progressively increases as the asset is used more. Answer 1 Choose... Land will be depreciated as it is a non-current asset. Answer 2 Choose... Depreciation expense will be recognised in the balance sheet. Answer 3 Choose... Depreciation is the allowance for wear and tear on capital items. Answer 4 Choose... Accumulated depreciation is recognised in the balance sheet as it is a contra asset, decreasing the value of non-current assets