A machine with a cost of $130,000 and accumulated depreciation of $85,000 is sold for $50,000 cash. The amount that should be reported in the operating activities section reported under the indirect method is:

Select one:

a. $45,000.

b. $50,000.

c. $0.

d. $5,000.

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A company purchased a delivery van for $28,000 with a salvage value of $3,000 on September 1, Year 1. It has an estimated useful life of 5 years. Using the straight-line method, how much depreciation expense should the company recognize on December 31, Year 1?

Select one:

a. $1,250.

b. $1,400.

c. $5,000.

d. $1,667.

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Martinez Corporation issues 2,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 98. The journal entry to record the issuance will show a

Select one:

a. credit to Discount on Bonds Payable for $40,000.

b. credit to Bonds Payable for $2,040,000.

c. debit to Cash for $1,960,000.

d. debit to Cash of $2,000,000.

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Abdul-Rahim Taysir