12. The following information is from the 2019 records of Fast Lane Racing Gear Accounts receivable, December 31, 2019 $40,000 (debit) Allowance for Bad Debts, December 31, 2019 prior to adjustment 2000 (debit) Net credit sales for 2019 175,000 Accounts written off as uncollectible during 2019 18,000 Cash sales during 2019 30,000 Bad debts expense is estimated by the aging-of-receivables method. Management estimates that $9000 of accounts receivable will be uncollectible. Calculate the ending balance of Allowance for Bad Debts, after the adjustment for bad debts expense, at December 31, 2019. A) $5250 B) $13,000 C) $8000 D) $9000 13. Property, plant, and equipment are A. tangible assets used in the operation of a business that have a useful life of more than B. tangible assets used in the operation of a business that have a useful life of less than C. intangible assets used in the operation of a business that have a useful life of more D. intangible assets used in the operation of a business that have a useful life of less one year one year, than one year. than one year 14. A company paid $150,000 plus a 6% commission and $4,000 in closing costs for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. What should be the allocation of this property's costs in the company's accounting records? A. Land $75,000; Land Improvements $30,000; Building $45,000 B. Land $79,500; Land Improvements $32,600; Building $47,700 C. Land $81,500; Land Improvements $32,600; Building $48,900 D. Land S87,500; Land Improvements $35,000; Building $52,500 15. Which of the following statements about intangible assets is FALSE? A. The acquisition cost of a franchise or license is amortized over its useful life. B. Goodwill is recorded only by an acquiring company when it purchases another C. Patents are amortized over their useful life not their legal ife. D. A trademark is the exclusive right to reproduce and sell a work of art