6 1 points Mariam, Sabah and Fatima are partners with capital balances of $40,000, $60,000 and $50,000 respectively. They find that Afrah, a new partner, is a talented engineer with an experience useful for the company. Afrah accepts joining them as a new partner and ready to contribute $10,000 for an equity share of 25%. Afrah's capital balance would be OA. $2,500. OB $40,000. OC $37,500. OD $10,000. Question 7 Ehsan contributed a building at $22,500 and a land valued at $66,600. The journal entry to record this transaction for the partnership is: OA. Building.. Land. Ehsan, Capital. OB Ehsan, Capital.. Building.. Land.. 22,500 66,600 89,100 89,100 22,500 66,600 COC Ehsan, Capital.. 89,100 Building. 22,500 Land. 66,600 COD. Land.. 22,500 Building. 66,600 Partnership Exp. 89,100 Question Question afte 1 points A company estimates that warranty expense will be 5% of sales. The company has sales of $225,000 for the current period. The current period's entry to record the warranty expense is COA Warranty Liability Expense.. 11,250 Estimated Warranty Liability. 11,250 OB Warranty Expense 11, 250. Estimated Warranty Liability 11, 250 Oc Warranty Liability... 11,250 Estimated Warranty Liability.. 11, 250 OD.Estimated Warranty Liability. 11,250 Estimated Liability Expense.. 11, 250 Question 9 On January 1, 2010, Hamad Town Co purchased a machine for $240,000 It is estimated that the machine will have a 10 year used Mei $20,000 100,000 units over its used Me Balage value at the end has Assuming the company produced 12,000 units in 2019. Depreciation expense for the your dest December 31, 2019 using units-of-production mood of deprocation would OA $4,000 O $26,400 Oc $22,000 OD. None of these anawers Question 9 of 16 1 points sentmoted to be Question 10 Kingdom Corporation has the following -Preferred stock, $10 par value, 8%, 50,000 shares issued $500,000 -Common stock, $15 par value, 300,000 shares issued and outstanding $4,500,000 In 2020, The company declared and paid $30,000 of cash dividends In 2021. The company declared and paid $150,000 of cash dividend. Question 19 of 14 4 poin Required: How much is the TOTAL cash dividends that will be distributed to preferred and common stockholders over the two years, assuming the preferred stock is Non-cumulative Please DO NOT use the "$" and "signs in you answer. For example, if the right answer is Preferred $10,000 and Common $15,000, it should be EXACTLY written as: 10000 15000 Preferred Common Question 11 Land is the only asset that is not subject to annual depreciation. O True O False uestion 12 Cash withdrawals by a partner are increasing his/her capital account. O True O False Question 13 The purchase of land by issuing a long-term note payable for the entire amount is reported on the investing activities section of the statement of cash flows O True CO False Question 14 In the partnership form of business, co-ownership of partnership assets means that these assets are owned jointly by all partners True O False Question 15 The asset's book value is determined by deducting the residual value from its original cost O True O False Question 16 In the partnership form of business, limited life means that when a partnership cannot pay its debts, creditors usually can take partners' personal assets O True O False