Which of the following statements is INCORRECT?
1
The original cost method is also known as the equal installment method of providing depreciation.
2
Depreciation goes on decreasing year after year in the written-down value method.
3
The book value of the asset can never be reduced to zero under the written-down value method of providing depreciation.
4
In the straight-line method, an increase in the scrap value of the asset would result in an increase in the amount of deprecation when everything else remains constant.