a. Recorded $200 of depreciation expense. b. Sold land that had originally cost $13,100 for $10,400 in cash. c. Recorded a $68,500 payment for the cost of developing and registering a patent. d. Recognized periodic amortization for the patent (in part c) using the maximum statutory useful life. e. Capitalized $3,400 of cash expenditures made to extend the useful life of production equipment. f. Expensed $2,400 of cash expenditures incurred for routine maintenance of production equipment. g. Sold a used machine for $7,800 in cash. The machine originally cost $34,400 and had been depreciated for the first two years of its five-year useful life using the double- declining-balance method. (Hint: You must compute the balance of the accumulated depreciation account before you can record the sale.) h. Purchased a business for $324,000 in cash. The fair values of the net assets acquired were as follows: Land, $36,000; Buildings, $193,000; Equipment, $97,000; and Long- Term Debt, $66,800. Transaction Asset Liabilities Net Income a. Accumulated depreciation -200 Depreciation expenses -200 Loss on sale of land -2700 b. Land -13100 Cash +10400 C. d. e. f. g. h