22On January 1, 20X1, a company has timberland with estimated closure costs of $628,597 due in 5 years. The present value of the closure costs is $408,544 (with a 9% rate implied). Assume any closure cost depreciation is done on a straight-line basis. Which of the following 20X1 journal entries would betrue? (Ch13)

Question 22 options:

Dr. Depreciation expense $81,709; Cr. Accumulated depreciation (or Timberland) $81,709

Dr. Timberland $628,597; Cr. Asset retirement obligation $628,597

None of the other answers are true

Dr. Interest expense $56,574; Cr. Asset retirement obligation $56,574

23A company is issuing $3,250,000 of 8%, 9-year bonds with interest payments due at the end of each semiannual period. If the market rate for similar risk bonds is 6%, what is the present value of these bonds? (Ch6)

Question 23 options:

$3,692,114

$3,696,974

$3,705,023

$3,250,000

24A company has the following "total amount" information for its inventory of windshields: NRV of $8,300; historical cost of $8,200; NRV minus normal profit of $7,900; and replacement cost of $8,500. The company also has the following "total amount" information for its inventory of car mirrors: NRV of $3,500; historical cost of $3,400; NRV minus normal profit of $3,000; and replacement cost of $3,100. What is theLCM total amount of inventoryif an individual-item level is used? (Ch9)

Question 24 options:

$11,400

$10,900

$11,600

$11,300

25A company is testing goodwill for impairment. The goodwill came from paying $390,000 for an acquired company that had $345,000 of net assets. If the fair value of the acquired company is now $355,000, whataccount and amountshould becreditedin the adjusting entry for impairment? (Ch12)

Question 25 options:

Cr. Goodwill $10,000

Cr. Accumulated amortization $35,000

None of the other answers have the correct account and amount

Cr. Accumulated amortization $10,000