18) On January 1, Year 1, the Accounts Receivable balance was $31,300 and the balance in the Allowance for Doubtful Accounts was $3,800. On January 15, Year 1, an $1,120 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? 19) A) $30,180 B) $26,380 C) $27,500 D) $28,620 What is the term used to describe the amount of accounts receivable that is actually expected to be collected? 20) 21) A) Allowance for doubtful accounts B) Uncollectible accounts expense C) The present value of accounts receivable D) Net realizable value Which of the following would not be classified as a tangible long-term asset? A) Delivery truck B) Timber reserve C) Land D) Copyright Which of the following terms is used to describe the process of expense recognition for property, plant and equipment? A) Amortization B) Depreciation 22) C) Depletion D) Revision Emir Company purchased equipment that cost $110,000 cash on January 1, Year 1. The equipment had an expected useful life of six years and an estimated salvage value of $8,000. Emir depreciates its assets under the straight-line method. What are the amounts of depreciation expense during Year 3 and the accumulated depreciation at December 31, Year 3, respectively? 23) A) $17,000 and $17,000 B) $17,000 and $68,000 C) $68,000 and $17,000 D) $17,000 and $51,000 Tally Company paid cash to purchase a long-term operational asset. The cost of the asset will be expensed (depreciated) A) over the useful life of the asset. B) at the end of its useful life. C) on the day it is purchased. D) when the asset is sold.