12. The next six questions refer to Quentin Company's December 31, 2014, Balance Sheet. Quentin began 2014 with the following non-current asset balances: Plant and equipment (net) $59,000; Patent (net) $28,000. No long-term assets were purchased or sold during the year. How much amortization and depreciation expense did Quentin record during 2014? $3,000 $4,000 $7,000 Cannot be estimated Quentin Company Balance Sheet as of December 31, 2014 Assets Liabilities Current Assets Current Liabilities Cash $ 42,000 Accounts payable. $ 30,000 Inventory.... 36,000 Short-term debt... ............... ... 42.000 Prepaid expense.. 12.000 Total current liabilities.......... $72,000 Total current assets $ 90,000 Non-current Liabilities Non-current Assets Bond payable. . 34.000 Plant and equipment (net)............... 56.000 Owners' Equity Patent (net). 24.000 Common stock.. 20.000 Total Assets $ 170,000 Retained earnings...... 44,000 Total Liabilities and Owners' Equity ..............$ 170,000 23. Quentin Company's year-end 2014 total assets equals its year-end 2014 total liabilities and owners' equity. This is most likely the result of the company following the: Historical Cost concept Dual-aspect concept Materiality concept O Money measurement concept Quentin Company Balance Sheet as of December 31, 2014 Assets Liabilities Current Assets Current Liabilities Cash.. $ 42,000 Accounts payable... ........... $ 30.000 Inventory.. 36,000 Short-term debt.. ........... 42,000 Prepaid expense. 12.000 Total current liabilities......... $72,000 Total current assets $ 90,000 Non-current Liabilities Non-current Assets Bond payable.. Plant and equipment (net). .. 56.000 Owners' Equity Patent (net). 24,000 Common stock 20,000 Total Assets $ 170,000 Retained earnings.... 44,000 Total Liabilities and Owners' Equity $ 170,000 ... 34,000