27) Oceanside Company uses the balance sheet approac accounts expense. ts Allowance for Doubtful Accounts has a $1.200 credit prior to adjusting entries. It has just completed an aging analysi at December 31, 2015. This analysis disclosed h in estimating uncollectible s of accounts receivable the following information: Age Percentage Group Considered Total Uncollectible $52,000 $30,000 $13,000 1% Not yet due 1-30 days past due 31-60 past due What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at December 31, 2015? A) S960 D) $2,160 B) $95,000. C) $3,360. 28) Natural resources such as oil or minerals are categorized as intangible assets A) True B) False 29) To capitalize an expenditure means charging It to an asset account. A) True B) False 30) Accumulated depletion is a contra-equity account and is recorded in the stockholders equity section of the balance sheet. A) True B) False 31) Ding Company traded in one of its automobiles for a newer model. This transaction may result in a gain or a loss being recorded on Ding's financial statements. A) True B) False 32) The book value of equipment A) Decreases with the passage of time. B) Increases with the passage of time. Q Remains the same with the passage of time. D) May increase or decrease depending upon the economy. 33) Timb or owns equipment with historical cost of $18,600; the accumulated depreciation is now $10,000. IF the equipment is sold for $9,100, what amount of gain or loss will be recognized at the time of this sale? A) A loss of $800. B) A gain of $900. D) A gain of s500. C) A loss of $9,500