Indicate Whether Each of the Following Statements Regarding Accounting for Long-Term

True/False

Indicate whether each of the following statements regarding accounting for long-term assets is true or false.a)Other things being equal, the lower a company estimates the salvage value of a plant asset to be, the higher the company's net income will be.b)Depreciation expense is an example of a "non-cash" expense.c)For tax purposes, the most desirable depreciation method is the one that produces the lowest amount of depreciation expense.d)The book value of an asset is the amount a company believes it is worth (its fair value)as of the date of the balance sheet.e)A company that uses the straight-line method for financial statement reporting and MACRS for tax reporting will show a deferred tax liability in an asset's early life.