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Which of the following statements is incorrect

The process of allocating the cost of a plant and equipment asset over the period of time it is expected to be used is called depreciation

The straight-line method allocates the depreciable cost equally over the asset's estimated useful life

The cost less estimated depreciation is the total depreciable cost of the asset

Accumulated depreciation records the amount of the asset's cost that has been expensed since it was put into use