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Which of the statements is true of depreciation

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Reference no: EM132934004

Problem 1: With respect to financial statements, which of the following statements is true of depreciation?

Option 1: Depreciation can be taken beyond the residual value of the asset.

Option 2: Accumulated depreciation is credited below the referenced asset.

Option 3: Land is depreciated on a 25-year schedule.

Option 4: The residual value of the asset is determined by the government.

Reference no: EM132934004

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