They are all false. The sections in italics are true. Depreciation provides funds for the eventual replacement of the asset. It is an allocation of the original cost. Depreciation is a non-cash expense.
Depreciation records the fall in market value of the asset.
This treatment of the sale of non-current assets is misleading. These are incorrect. If it needs an asset - buy it or retain it. If you return to the formulas for calculating depreciation. Heritage and Infrastructure Assets Governments own many heritage and infrastructure assets.