17. Equipment which costs $9,400 and has accumulated depreciation of $3,000 is sold for $5,800. What amount of gain or loss will be recognized when the equipment is sold? a, A. A gain of $600 b. A loss of $600 C. A loss of $3,600 d. Again of $3,600 18. On April 1, 2020, Tulip Corp. acquired equipment at a cost of $240,000. The equipment is to be depreciated by the straight-line method over six years with no salvage value.. Depreciation expense recognized in 2020 will be a. $23,333 b. $26,667 C. $30,000. d. $45,000 19. XYZ company has a one-year note payable of $10 million on January 1, 2020. The note requires 8% annual interest and principal on 1/1/2021. How much cash does the company have to pay the creditor on 1/1/2021 a. $10 million b. $1,800,000. I c. $11 million. d. None of the above. 20. Homestead Inc. issued 10,000 shares of stock with a par value of $10/share. Each share of stock sold for $15/share. The journal entry to record this transaction would include a a. debit to Cash for $100,000. b. credit to Common Stock at par for $100,000. c. credit to Paid-in Capital in Excess of Par Value for $150,000. d. credit to Common Stock for $150,000. 21. The following data is available for Bigboy Corporation at December 31, 2020: Common stock, par $10 (30,000 shares issued) $270,000 Treasury stock(4,000 repurchased) $ 30,000 Based on the data, how many shares of common stock are outstanding