24 A company purchased factory equipment on April 1, 2017 for $160,000. It is estimated that the equipment will have a $20,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2017 is 8 out of question Select one: a. $10,500. b. $14,000. c. $16,000. d. $12,000 26 A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at ut of question Select one: a. $70,000. b. $102,000 c. $107,000. d. $90,000