19. (77). When a company uses straight-line depreciation and the half-year convention, assets purchased during the year with a five-year useful life that are held by the company to the end of their useful life: O A. Will have the same depreciation expense in the first and last years. B. Will be depreciated over parts of six separate accounting years. C. Book value will be equal to its salvage value at the end of its useful economic life. O D. All of the above statements are correct. 20. (100). Baker Industries sold office furniture for cash of $47,000. The accumulated depreciation at date of sale amounted to $55,000, and a gain of $18,000 was recognized on the sale. The original cost of the asset must have been: O A. $59,000 O B. $62,000 O C. $65,000 OD. $84,000 23-24. Williams Company estimates it will need approximately $100 per month for small emergency purchases, so on January 2 it established Petty Cash Fund A for an amount of $300. 23. (140) The journal entry on January 2 to record establishment of Petty Cash Fund A includes: A. Debit to Petty Cash and Credit to Cash of $100. B. Debit to Petty Cash and Credit to Cash of $300. C. Debit to Cash and Credit to Petty Cash of $100. O D. No journal entry is necessary, since no cash of the company has been disbursed yet. 23-24. Williams Company estimates it will need approximately $100 per month for small emergency purchases, so on January 2 it established Petty Cash Fund A for an amount of $300. 24. (141) Refer to the data above and below. On January 31, receipts totaling $69 for the following items were in the petty cash box: Delivery expense Computer repairs Office supplies $18 $35 $16 The journal entry on January 31 to record replenishment of the petty cash fund includes: A. Debit to Cash for $100 and Credit to Petty Cash for $100. B. Debit to Petty Cash for $100 and Credit to Cash for $100. C. Debits to the three expense accounts above totaling $69 and Credit to Petty Cash for $69. O D. Debits to the three expense accounts above totaling $69 and Credit to Cash for $69