Accounting · Depreciation Accounting

Consider the following statements regarding the principles and practices of depreciation accounting: Statement I: The depreciable amount of an asset is its historical cost (or substituted amount) less its estimated residual value. Statement II: Depreciation for a period is recognized in the Profit and Loss account unless it is included in the carrying amount of another asset. Statement III: The useful life of an asset is defined solely by its physical durability, regardless of the entity's usage plans. Statement IV: Land and buildings are treated as separate assets, and land usually has an unlimited useful life and is not depreciated. Statement V: When the WDV method is used, the depreciation is calculated on the original cost every year. Which of the options correctly identifies the accurate statements?