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49. A factory machine was purchased for $90,000 on January 1,2011. It was estimated that...

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49. A factory machine was purchased for $90,000 on January 1,2011. It was estimated that it would have a $18,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2011. If the ation expense for 2011 would be A) $7,200 B) $14,400. C) $18,000. D) $9,000. 50. If the month-end bank statement shows a balance of $36,000, outstanding checks are $12,000, a deposit of $4,000 was in transit at month end, and a check for $500 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is A) $27,500. B) $20,500. C) $28,500. D) $43,500. 51. The book value of a plant asset is always equal to its fair market value. A) True B) False 52. If the unit price of inventory is increasing during a period, a company using the LIFO inventory method will show less gross profit for the period, than if it had used the FIFO inventory method A) True B) False 53. Depreciation is a process of A) cost accumulation. B) cost allocation. C) asset valuation. D) asset devaluation

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