24. On October 1, 2022, Ivanhoe Company places a new asset into service. The cost of the asset is $87500 with an estimated 5-year life and $24500 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Ivanhoe Company uses the straight-line method of depreciation?

A.)$17500. B.)$3150. C.)$8750. D.)$4375.

54. Kingbird, Inc. issued 13000 shares of stock at a stated value of $10/share. The total issue of stock sold for $17/share. The journal entry to record this transaction would include a

A.)credit to Common Stock for $221000. B.)credit to Common Stock for $130000. C.)debit to Cash for $130000. D.)credit to Paid-in Capital in Excess of Par Value for $91000.

60. Whispering Winds Corp. has 14000 shares of 4%, $100 par value, cumulative preferred stock and 70000 shares of $1 par value common stock outstanding at December 31, 2020. What is the annual dividend on the preferred stock?

A.) $56000 in total. B.)$4000 in total C.)$40 per share D.)$0.40 per share

68. Teal Mountain Inc.'s accounts receivable arising from sales to customers amounted to $75000 and $66000 at the beginning and end of 2022, respectively. Income reported on the income statement for 2022 was $237000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

A.)$246000. B.)$312000. C.)$237000. D.)$228000.