A corporation issued 000 shares of $10 par value common stock in exchange for ome land with a market value of $70,000. The entry to record this exchange is: A) Debit Land 870,000 credit Common Stock $50,000; credit Paid-In Capital in Excess of Par Value, Common Stock $20,000. B) Debit Land $70,000; credit Common Stock $70,000. C) Debit Land $50,000; credit Common Stock $50,000. Debit Common Stock $50,000; debit Paid-In Capital in Excess of Par Value, Common Stock S20,000; credit Land s70,000. E) ebit Common Stock S70,000; credit Land $70,000. ompany estimates that warranty expense will be 4% of sales. The pany's sales com the current period are $185,000. The current period's entry to the warranty Dense is: Liability s7,400. A) Debit Warranty Expense s7,400; credit Estimated Warranty B) Debit Warranty Expense $7,400; credit Sales S7,400. C) Debit Estimated Warranty Liability $7,400; credit Cash $7,400. D) No entry is recorded until the items are returned for warranty repairs. or Company installs a machine in its factory at the beginning of the year at a cost of 3) 5,000. The machine's useful life is estimated to be 5 years, or 300,000 units of with a $15,000 value. During its first year, the machine produces 64,500 units of product. Determine the machines first year depreciation under the units-of-production method A) $25,800. B) $27,000. C) $54,000. D) $48,000. E) $24,000. Identify the account below that is classified as a liability in a companys chart of account Salaries Expense p Cash C) Unearned Revenue Supplies E) Accounts Receivable