7. A new truck was purchased on January 1, 2019. The truck cost $50,000, has an estimated life of 5 years and estimated residual value of $10,000. If the company uses double declining balance for depreciation, what is the accumulated depreciation at the end of 2021? What was the depreciation expense for 2021? 8. Using the same information above but the company uses straight line depreciation and the truck was sold for $28,000 on December 31, 2021, what is the gain or loss on sale? 9. Prepare the journal entry for sale of treasury stock. 10. What is the adjusting entry to record estimated bad debts in the period the credit sales occur? (what account do you debit, what account do you credit?) 11. What is the set of laws enacted to strengthen corporate reporting in response to notable frauds? 12. Calculate Retained Earnings. (know formula) Beginning RE (which is the same as the ending RE of previous year) Plus Net Income Less Dividends Ending Retained EarningsI 13. When would you use the specific identification method of inventory costing? 14. Earnings Per Share - know the formula. 15. Current Ratio - know the formula. From a list of accounts, choose the current assets and current liabilities Examples: A/P, A/R, Eqpt, Supplies, Income Taxes Payable, Long Term Note Payable - determine if current or long term. 16. Basket Purchase If you purchased property for $200,000 that was appraised at: Building Equipment Land 160,000 40,000 10,000 How much would you allocate to the equipment