38 Woulk Company has a debit balance of $8,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on review and aging of its accounts receivable at the end of the year. Woulk estimates that $60,000 of its receivables are uncollectible. The amount of bad debt expense which should be reported for the year is: a. $8,000. b. $52,000 C. $60,000 d. $68,000 39. The maturity value of a $60,000, 8%, 60-day note receivable dated July 3 is a. $60,000 b. $60,800. C. $64.800 d. $69,600 40.A 30-day note dated June 13 has a maturity date of a. July 14. b. July 13. c. July 12 d. July 11 41. The interest on a $9,000, 6%, 1-year note receivable is a $540 b. $9,000 c. $9,054 d. $9,540 42 A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the historical cost principle, the cost of land would be recorded at a $107.000 b. $90,000 c. $70,000. d. $102,000 Gagner Clinic purchases land for $175,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land? a $157,200 b. $175.000 C. $179,700 d. $157,500 43 Id Engler Company purchases a new delivery truck for $55,000. The sales taxes are $4.000. The logo of the company is painted on the side of the truck for $1,600. The truck license is $160. The truck undergoes safety testing for $290. What does Engler record as the cost of the new truck? a. $61,050 b. $60,890 C. $59.000 d. $60,600