17,18,19

17. Which type of account is always debited during the closing process? a. Dividends b. Revenue c. Expense d. Retained earnings 18. Slotkin Products purchased a machine for $65,000 on July 1, 2020. The company intends to depreciate it over 8 years using the double-declining balance method. Salvage value is $5,000. Depreciation for 2020 is: a. $16,250 b. $15,000 c. $8,125 d. $7,500 19. Hoyle Company traded machinery with a book value of $760,000 and a fair value of $720,000. It received in exchange from Durler Company a machine with a fair value of $800,000. Hoyle also paid cash of $80,000 in the exchange. Durler's machine has a book value of $760,000. What amount of gain or loss should Hoyle recognize on the exchange (assuming lack of commercial substance)? a. $80,000 gain b. $-0- c. $4,000 loss d. $40,000 loss