48. A factory machine was purchased for $125,000 on January 1, 2018. It was estimated that it would ave a S25,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine years. The company ran the machine for 4,000 actual hours in would be run 40,000 hours in the 5 018, If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2018 would be a. $12,500. b. $20,000. c. $25,000. d. $10,000 49. Barton Company is a publicly held corporation whose $1 par value stock is actively traded at $32 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $100,00o. When recording this transaction, Barton Company will a. debit Land for $100,000. b. credit Common Stock for $96,000. c. debit Land for $96,000. d. credit Paid-In Capital in Excess of Par for $98,000. 50. On October 1,201I8, Pennington Company issued an $80,000, 10%, nine-month interest-bearing note. If the Pennington Company is preparing financial statements at December 31, 2018, the adjusting entry for accrued interest will include a: a. credit to Notes Payable of $2,000. b. debit to Interest Expense of $2,000 c. credit to Interest Payable of $4,000. d. debit to Interest Expense of $3,000. If Vickers Company issues 4,000 shares of $5 par value common stock for $140,000, 51. Common Stock will be credited for $140,000. a. b. Paid-In Capital in Excess of Par will be credited for $20,000. Paid-In Capital in Excess of Par will be credited for $120,000. c. d. Cash will be debited for $120,000. A separate paid-in capital account is used to record each of the following except the issuance of a. no-par stock. b. par value stock. c. stated value stock. d. treasury stock above cost. 52. Effic Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: 53. Total $1,000 530 550 Units 200 100 100 $5.00 5.30 5.50 Balance, 1/1/18 Purchase, 1/15/18 Purchase, 1/28/18 An end of the month (1/31/18) inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory? a. $700 b. $728 c. $742 d. $762