1. During 2015, Crane Corporation reported net sales of $ 4020000 and net income of $ 2150000. Crane also reported beginning total assets of $ 1300000 and ending total assets of $ 1700000. Cranes asset turnover is

2.36 times.

1.43 times.

3.09 times.

2.68 times.

2.

A company purchased land for $ 89400 cash. Real estate brokers' commission was $ 5900 and $ 6800 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at

$ 102100.

$ 89400.

$ 108000.

$ 69400.

3. On July 1, 2018, Hale Kennels sells equipment for $ 234000. The equipment originally cost $ 605000, had an estimated 5-year life and an expected salvage value of $ 90000. The accumulated depreciation account had a balance of $ 345000 on January 1, 2018, using the straight-line method. The gain or loss on disposal is

$ 26000 gain.

$ 26000 loss.

$ 25500 gain.

$ 25500 loss.