29) Provide definitions for the following terms. 1. Depreciation 2. Extraordinary Repair 3. Property, Plant, and Equipment 29) 30) On May 18, 2018, Fran Co. invested excess cash of $50,000 by purchasing bonds of Hans 30) Inc. At year-end, December 31, 2018, the market price of the bonds was $52,000. The investment is categorized as a trading debt investment. Journalize the adjusting entry needed at December 31, 2018. Omit explanation. E/FALSE. Write T" if the statement is true and 'F' if the statement is false 31) If a business changes the estimated useful life, or estimated residual value, of a plant asset, 31) depreciation expense must be recalculated. 32) An expenditure that increases the capacity or efficiency of a plant asset or that extends the asset's 32) life is known as a revenue expenditure. 33) If a company uses the contra account, Accumulated Amortization, this account is typically shown 33) on the balance sheet 34) 34) The asset turnover ratio is calculated by dividing cost of goods sold by average total assets. 35) Goodwill is only recorded by an acquiring company when it purchases another company and pays 35) 36) When a company makes an accounting change in estimate, Generally Accepted Accounting 37) The rate of return on total assets is a ratio that measures a company's success in using its assets to37) more for that company than the market value of its net assets 36) Principles require that the company make changes to financial statements of prior years. earn income. 38) 38) Scott Enterprises has excess cash to invest andp ays $200,000 to buy $200,000 face value, 8%, five year bonds of Hamilton Company bonds on July 1, 2018. The bonds are issued on July 1,2018 and pay interest on June 30 and December 31. Scott will record interest revenue every six months for five years 39) 39) Investments in equity securities are classified into three specific types based on the investor's le 40) Held-to-maturity debt investments are categorized as long-term assets on the balance s 41) Present value is the amount a person would invest now to receive a greater amount in th 42) Unlike cash dividends, which are optional payments to stockholders, the interest payments of influence over the investee company. 40) regardless of the maturity date. n would invest now to receive a greater amount in the future. 41) 42) on bonds are required. 43) 43) The current portion of notes payable is reported on the balance sheet under current liabilities