24. Greely Corp. has the following assets:

Buildings and Equipment (net)	$12,500,000
Trade Receivables	1,600,000
Inventory	2,300,000
Land	1,500,000

The total amount reported under Property, Plant, and Equipment would be

Question 24 options:

	$14,000,000.
	$16,300,000.
	$20,500,000.
	$17,900,000.
	None of the above.

25. The cost of land does not include

Question 25 options:

	construction costs for landscaping.
	closing costs.
	removal costs of an old building.
	title fees.
	none of the above.

26. Centrum Ltd. has a customer with an Accounts Receivable balance of $50,000. Centrum Ltd. has just received notice that the customer has gone bankrupt and will only be able to pay $10,000 of the balance owing. Assume Centrum Ltd. uses the allowance method for uncollectible accounts. On receipt of the bankruptcy notice, Centrum Ltd. will make the following entry:

Question 26 options:

	debit Allowance for Doubtful Accounts $50,000 and credit Bad Debts Expense $50,000.
	debit Bad Debts Expense $10,000 and credit Accounts Receivable $10,000.
	debit Bad Debts Expense $50,000 and credit Allowance for Doubtful Accounts $50,000.
	debit Allowance for Doubtful Accounts $40,000 and credit Accounts Receivable $40,000.
	none of the above.

27. At the beginning of the current period, Newman Corporation had balances in Accounts Receivable of $201,100 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, Newman had credit sales of $805,800 and collections on account of $769,300.

Newman uses a perpetual inventory system and determined that the cost of goods sold during the period was $669,500. Newman wrote off as uncollectible accounts receivable of $7,500. However, a $2,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,400 at the end of the period.

The entry (or entries) to record the recovery of the uncollectible account during the period is (are):

Question 27 options:

Accounts Receivable			2,800
	Allowance for Doubtful Accounts			2,800
Cash			2,800
	Accounts Receivable			2,800

Bad Debt Expense			2,800
	Allowance for Doubtful Accounts			2,800

Accounts Receivable			2,800
	Allowance for Doubtful Accounts			2,800
Accounts Receivable			2,800
	Cash			2,800

Allowance for Doubtful Accounts			2,800
	Bad Debt Expense			2,800

None of the above