Which of the following statements is true? Group of answer choices None of the statements are correct. In calculating depreciation, both plant asset cost and useful life are based on estimates. When purchasing delivery equipment, sales taxes and motor vehicle licenses should be charged to Delivery Equipment. Land improvements are generally charged to the Land account. Recording depreciation on plant assets affects the balance sheet and the income statement.

Financial performance is measured in many ways. requirements 1. explain the difference between lag and lead indicators. 2. the following is a list of financial measures. indicate whether each is a lag or lead indicator: a. income statement shows net income of $100,000 b. listing of next week's orders of $50,000 c. trend showing that average hits on the redesigned website are increasing at 5% per week d. price sheet from vendor reflecting that cost per pound of sugar for the next month is $2 e. contract signed last month with large retail store that guarantees a minimum shelf space for grandpa's overloaded chocolate cookies for the next year