20. Donated cquipment for which the fair value has been determined should be recorded as a debit to the appropriate equipment account and a credit to a. Revenue or Gain. b. Other Income. c. Capital Stock. d. Retained Earnings. Following are the account balances from Polk Company's income statement 21. $30,000 40,000 5, 000 4,000 5,000 15,000 6,000 Inventory, January 1, 2017 Purchase Returns and Allowances Purchase Discounts . Freight-In Inventory, December 31, 2017 Freight-Out Given this information, the cost of goods sold during 2017 is a. $46,000 b. $66,000. c. $51,000. d. $56,000. 22. The Patton Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $180,000. At the time of acquisition, Patton paid $12,000 to have the assets appraised. The appraisal disclosed the following values: $120,000 80,000 40,000 Land Equipment What cost should be assigned to the land, buildings, and equipment, respectively? a. $90,000, $60,000, and $30,000 b. $96,000, $64,000, and $32,000 c. $64,000, $64,000, and $64,000 d. $120,000, $80,000, and $40,000 23. The term LIFO reserve refers to a the difference between the ending inventory amount under LIFO and the ending inventory b. c. d. amount under another inventory cost flow assumption. inventory pools used in the dollar-value LIFO method. a special fund set aside to cover LIFO liquidations. a cost flow assumption for valuing inventory