ACCT352-4004/ The amount to be recorded as the cost of an asset under capital lease is equal to the: O present value of the minimum lease payments. O present value of the minimum lease payments or the fair value of the asset, whichever is lower. O carrying value of the asset on the lessor's books. O present value of the minimum lease payments plus the present value of any unguaranteed residual value.ACCT351-2004/ In general, current liabilities should be presented: In alphabetical order and at present value In the order of liquidity and at present value In the order of liquidity and at face value. O In alphabetical order and at face value.ACCT352-1013/ On November 1, 2018, Green Valley Farm entered into a contract to buy a $150,000 harvester from John Deere. The contract required Green Valley Farm to pay $150,000 in advance on November 1, 2018. The harvester (cost of $110,000) was delivered on November 30, 2018. The journal entry to record the contract on November 1, 2018 includes a O credit to Sales Revenue for $150,000. O credit to Accounts Receivable for $150,000. O credit to Unearned Sales Revenue for $150,000. O debit to Unearned Sales Revenue for $150,000.ACCT352-2007/ Stuart Corporation's taxable income differed from its accounting income computed for this past year. An item that would create a permanent difference in accounting and taxable incomes for Stuart would be: O a fine resulting from violations of OSHA regulations. a balance in the Unearned Rent account at year end. using accelerated depreciation for tax purposes and straight-line depreciation for book purposes. making installment sales during the year.ACCT351-3003/ Santo Corporation declares and distributes a cash dividend that is a result of current earnings. How will the receipt of those dividends affect the investment account of the investor under each of the following accounting methods? Increase under Fair Value Method, Decrease under Equity Method O Decrease under Fair Value Method, No Effect under Equity Method O No Effect under Fair Value Method, Decrease under Equity Method O No Effect under Fair Value Method, No Effect under Equity Method