Which of the following statements is correct with respect to depreciation?
1
The written down value method of depreciation is suitable for an asset that depreciates more in the early years of its life and less in the later years.
2
Depreciation is the result of fluctuations in the market value of fixed assets.
3
Depreciation is charged on land as it has a useful life of more than one year.
4
If the machine is not used by the company in a particular year, there is no need to charge depreciation.