23. Equipment with a residual value of $50,000 at the end of 10 years was acquired at the beginning of 2019 for $550,000. Assuming the use of the straight-line depreciation. method, the journal entry to record depreciation expense for 2021 will have a debit to 24. Depreciation is a process by which 25. Fire work city = 1.6 years 26. Which of the following is an intangible asset? 27. A company purchased a patent for $100,000 at the beginning of the current year. The patent has a legal life of 5 years and an expected useful life of 4 years. How much amortization expense should be recorded in the current year? 28. A manufacturing company's weekly payroll is $80,000 for a 5-day work week beginning each Monday and ending each Friday. The last time salaries and wages were recorded was Friday, December 28. What adjustment is needed on December 31, the last day of the company's fiscal period? 29. Which of these accounts would not have a valuation issue related to estimating bad debt? 30. Go Cars has $200 in cash, $500 in accounts receivable, $400 in marketable securities, and $700 in inventory. Assuming the company also has $100 in accounts payable, $ payable, and $25 in unearned sales revenue, what is its cash ratio? 31. During the current year, Gardner Home Center sold 800 power washers for $350 each. The power washers carry a 2-year warranty for repairs. Estimates indicate that repair costs will average 1% of sales. How much warranty expense should be accrued at the end of the current year as a result of the sales of this product? | 32. On July Ist, a company borrowed $60,000 from Eighth National Bank on a 1-year, 7% note. If the company's fiscal year ends on December 31st, a year-end adjusting entry is required to increase Interest payable by $1,050 33. General lighting. During the first quarter of the current year, the company sold 4,000 batteries on credit for $200 each plus state sales tax of 6%. Refer to General Lighting. Sales tax's are required to be paid to the state taxing authority at the end of the quarter. Which of the following records the sale of the batteries? Accounts receivable 848,00 -sales revenue 800,00 - sales tax 48,000