11. A company owns a truck costing $20,000 with a salvage value of $2,000. The company uses the units- of-activity method and determines the truck will last a total of 200,000 miles. During the year, the truck is driven 40,000 miles. The depreciation expense for the year would be 12. Using the facts in Question 11, if at the end of the year, the total mileage on the truck is 120,000 miles. After the depreciation expense entry is made for the year, what would be the balance in the Accumulated Depreciation account for the truck? D. Sale of Plant Assets 1. A company sells the machine below for $25,000: Cost of machine Accumulated depreciation 40,000 22,000 The company would have a (gain or loss) of $ and fill in the blank. . Circle the correct answer 2. The journal entry to record the sale would be: Cash 25,000 Machine 40,000 E. Intangible Assets Intangible assets, such as patents, goodwill, etc. are recorded at (cost or fair market value) when the assets are purchased. Circle the correct answer. 1. 2. Intangible assets are not subject to depreciation. Instead they are allocated to expense using 3. Patents are amortized over its legal life or useful life, whichever is (shorter or longer). Circle the correct answer. 4. The journal entry to record $5,000 of amortization expense for a patent for the year would be: 5,000 5,000