Select from the option list provided the most likely assertion being tested with each audit procedure in the table below. Each choice may be used once, more than once, or not at all.

Substantive audit procedure

Relevant assertion

$1.$ The auditor tested the equipment balance by evaluating large debits recorded in repairs and maintenance to determine whether any should have been capitalized.

$2.$ The auditor tested depreciation related to equipment to determine that it is generally accepted and applied consistently.

$3.$ The auditor examined titles related to vehicles reported in the equipment account.

$4.$ The auditor determined that equipment was displayed in the noncurrent asset category on the balance sheet.

$5.$ The auditor applied an analytical procedure to noncurrent debt by comparing the current year$$s balance with that of the previous year.

$6.$ The auditor examined purchase transactions for equipment for several days before and after year end to determine that they were recorded in the proper year.

$7.$ The auditor reconciled the amounts of debt in the subsidiary ledger with the total in the general ledger account.

$8.$ The auditor confirmed shares of common stock issued and outstanding with the registrar and transfer agent of the client.

$9.$ The auditor determined that restrictions on the issuance of dividends were properly described in the financial statement notes.

$10.$ The auditor determined that the loss associated with the sale of treasury stock was appropriately calculated and included in the financial statements at the proper amount.