4. Old Ironsides Inc.'s Prepaid Insurance account had a beginning debit balance of $35,000. At the end of the year the Prepaid Insurance account had an ending debit balance of $40,000. If Old Ironsides expensed $17,000 for Insurance Expense during the year, how much cash was paid for Insurance? A. $12,000 B. $17,000 C. $22,000 D. $58,000 E. $92,000 5. The McKelligon Corporation reported net income of $750,000 for the fiscal year ended December 31, 2018. Preferred stock dividends declared during the year were $100,000. McKelligon had one million shares of common stock outstanding at the beginning of the year, and issued an additional 250,000 shares on July 31, 2018.What is McKelligon's basic EPS for 2018? A. $0.52. B. $0.59 C. $0.68. D. $0.77. E. $2.60 To entice Topgolf to open a facility in its jurisdiction, the city of El Paso donated a 20-acre tract of to be used for construction. The land was originally purchased by the city for $250,000 three 6. years ago. The appraisal value at the time of the donation was $300,000. For what amount should Topgolf record the donated land? A. $250,000. B. $275,000. C.$300,000. D. $O. E. None of the above. 7. On June 30, 2018, L&J Cafe sold equipment for $7.250 cash. The equi was purchased on ,000 at the time of the January 1, 2015 at a cost of $15,000 and had accumulated depreciation of $S sale. What was L&J's gain or loss on this sale? A. $2,750 gain. B. $2,750 loss. C. $5,000 loss. D. $5,000 gain. E. No gain or loss is recognized on the sale of the equipment