A company purchased a garage from a business with a 7%, 4-year, $75,000 note. The seller's book value for the garage was $42,750. What is the journal entry to record this purchase?

Question 9 options:

Debit to Garage / Debit to Discounts Payable / Credit to Notes Payable

Debit to Garage / Credit to Notes Payable

Debit to Garage / Debit to Acquisition Expense / Credit to Notes Payable

Debit to Garage / Credit to Interest Payable /Credit to Notes Payable

The fixed asset turnover ratio

Question 10 options:

Measures the sales dollars generated by each dollar invested in fixed assets

Calculates how many days it takes to sell our fixed assets

Measures the amount of receivables we will collect during the month

Measures the amount of costs are incurred for average net fixed assets

When a fixed asset is impaired, we should

Question 11 options:

Debit loss on impairment and credit the asset

Credit loss on impairment and debit the asset

Debit depreciation expense and credit the asset

Credit depreciation expense and debit the asset

When we receive cash that exceeds the Book Value of an Asset, we would

Question 12 options:

Debit Cash, Credit Accumulated Depreciation, Credit a Loss on Disposal, and Debit the Asset

Debit Cash, Debit Accumulated Depreciation, Debit a Loss on Disposal , and Credit the Asset

Debit Cash, Debit Accumulated Depreciation, Credit a Gain on Disposal, and Credit the Asset

Debit Cash, Credit Accumulated Depreciation, Credit a Gain on Disposal, and Debit the Asset

Land is a long term fixed asset that is

Question 13 options:

Amortized over its useful life

Depreciated over its useful life based on its cost - residual value

Depreciated for the lower of 20 years or its useful life

Not depreciated or amortized

In general, intangible assets are

Question 14 options:

	Amortized over the shorter of their economic lives or legal lives using the straight line method
	Depreciated over the shorter of their economic lives or legal lives using the straight line method
	Amortized over the longer of their economic lives or legal lives using an accelerated method
	Depreciated over the longer of their economic lives or legal lives using an accelerated method