A company purchased a mine in 2019 for $960,000. It was estimated that the mine contained 3,000,000 tonnes of ore, and would be totally worthless once all ore was extracted. The company extracted 300,000 tonnes in 2019 and 250,000 tonnes in 2020. What would the amortization expense for 2020 be? $96,000. $80,000 $250,000 $300,000 On December 15, 2020, Company A made the following correct journal entry: Prepaid Rent ................ 18,000 Cash........... 18,000 What was this transaction recording? $18,000 cash received by Company A from a tenant for rent owing for November 2020 An $18,000 cash payment by Company A to pay its November 2020 office rent An $18,000 cash payment by Company A to pay its January 2021 office rent $18,000 cash received by Company A from a tenant for rent for the month of January 2021 Which of the following is an external user of financial statements? The CEO The CFO An employee A creditor The allowance for doubtful accounts has a current debit balance of $2,550. Bad-debt expense is estimated to be 3% of accounts receivable. If the accounts receivable balance is $250,000, which of the following would be part of the adjusting entry for bad-debt expense? Debit bad-debt expense for $10,050. Debit allowance for doubtful accounts for $7,500. Debit bad-debt expense for $7,500. Credit allowance for doubtful accounts for $4,950. A company reports net accounts receivables on its December 31, 2019, balance sheet at $108,660. The allowance for doubtful accounts has a normal balance of $3,200 after adjustment. What is the ending balance in the accounts receivable account? $108,660 $105,460 $111,860 $102,260