9. On February 15, Jewel Company buys 9,200 shares of Marcelo Corp. common stock at $29.63 per share plus a brokerage fee of $510. The stock is classified as available-for-sale securities. This is the companys first and only investment in available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.70 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $30.40 per share less a brokerage fee of $360. The journal entry to record the sale of the 4,600 shares of stock on November 17 is:

Multiple Choice

Debit Cash $139,840; credit Long-Term Investments-AFS $136,553; credit Gain on Sale of Long-Term Investments $3,287. Debit Cash $139,840; credit Long-Term Investments-Trading $136,298; credit Gain on Sale of Long-Term Investments $3,542. Debit Cash $139,480; credit Long-Term Investments-AFS $136,298; credit Gain on Sale of Long-Term Investments $3,182. Debit Cash $139,480; credit Long-Term Investments-AFS $136,553; credit Gain on Sale of Long-Term Investments $2,927. Debit Cash $139,840; credit Long-Term Investments-Trading $136,298; debit Gain on Sale of Long-Term Investments $3,542.

16. Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $189,000, and Atkins' beginning partnership capital balance for the current year is $178,000. The partnership had net income of $344,000 for the year. Barber withdrew $59,000 during the year and Atkins withdrew $38,000. What is Atkins's return on equity?

Multiple Choice

68.7% 35.1% 96.6% 70.2% 55.1%

48. A company bought new heating system for $74,000 and was given a trade-in of $4,400 on an old heating system, so the company paid $69,600 cash with the trade-in. The old system had an original cost of $67,300 and accumulated depreciation of $60,200. If the transaction has commercial substance, the company should record the new heating system at:

Multiple Choice

$69,600. $7,100. $74,000. $4,400. $76,700.