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31. Depreciation, in accounting, is a devaluation concept. A. True B. False C. Cannot be determined 32. If prices are rising, which inventory cost flow
31. Depreciation, in accounting, is a devaluation concept. A. True B. False C. Cannot be determined 32. If prices are rising, which inventory cost flow method will produce the lowest amount for Cost of Goods Sold? A. FIFO C. Weighted Average B. LIFO D. Either B or C E. None of the above 33. On June 1, 2019, Siebens Enterprises loaned $20,000 to Tyler Company for one year at 12 percent interest. Under the terms of the promissory note, Tyler will repay the principal and pay one year's interest on May 31, 2020. Related to this note receivable, what amount of interest income would Siebens report on its 2020 income statement? A. $1,000 B. $1,600 C. $800 D. $933 E. None of the above 34. Related to this note receivable, what amount of interest income would Siebens report on its 2019 income statement? A. $2,400 C. S...809 B. $1,400 D. $1,200 E. None of the above
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