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14.On January 1, a machine with a useful life of five years and a residual value of $30,000 was purchased for $90,000. What is the

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14.On January 1, a machine with a useful life of five years and a residual value of $30,000 was purchased for $90,000. What is the depreciation expanse for year 2 under the double-declining-balance method of depreciation? a. $31,600 b. $21,600 C $28.800 d. $17.280 15. The four subdivisions for plant assets are a. land, land improvements, buildings, and equipment b. intangibles, land, buildings, and equipment. c. furnishings and foxtures, land, buildings, and equipment. d. property, plant, equipment, and land. 16 A contingency that is remote a should be disclosed in the financial statements b. must be accrued as a loss c does not need to be disclosed. d. is recorded as a contingent liability On October 1, 2020, Pennington Company issued an $800,000, 10%, nine-month interest-bearing note Assuming interest was accrued on June 30, 2021, the entry to record the payment of the note on July 1, 2021. will include a a. debit to Interest Payable of $60,000 b. credit to Cash of $800.000 c debit to Interest Payable of $50.000 d. debit to Notes Payable of $860,000. The current ratio is a current assets plus current liabilities b. current assets minus current liabilities C current assets divided by current liabilities d. Current assets multiplied by current liabilities 19. The cost of land does not include a real estate brokers' commission b. annual property taxes C accrued property taxes assumed by the purchaser d title fees Gagner Clinic purchases land for $175,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1.000. The clinic has the land graded for $2 200. What amount does Gagner Clinic record as the cost for the land? a $157 200 b. $175,000 C. $179,700 d. $157,500 Carey Company buys land for $50,000 on 12/31/20. As of 3/31/21, the land has appreciated in value to $50.700. On 12/31/21, the land has an appraised value of $51,800. By what amount should the Land account be increased in 2021? a. $700 b. $0 G. $1,100 d. $1,800

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