Anchor Company purchased a manufacturing machine with a list price of $97,000 and received a 2% cash discount on the purchase. The machine was delivered under terms Free On Board shipping point and freight costs amounted to $4,600. Anchor paid $6,600 to have the machine installed and tested Insurance costs to protect the asset from fire and theft amounted to $8,600 for the first year of operations Based on this information, the amount of cost recorded in the asset account would be Multiple Choice 5106,250 $95060 $99.660 5114 BGO On January 1. Year 1, Missouri Company purchased a truck that cost $47000. The truck had an expected useful life of 10 years and a $5,000 salvage value. The amount of depreciation expense recognized in Year 2 assuming that Missouri uses the double declining balance method is Multiple Choice $7520 $6720 $4700 59,400 Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $2,755,000. Harding paid $840,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values Land, $888,000, Building, $2,640,000 and Equipment, $1752,000, Assume that Harding uses the units of production method when depreciating its equipment Harding estimates that the purchased equipment will produce 1190,000 units over its 5-year useful life and has salvage value of $19.000. Harding produced 284,000 units with the equipment by the end of the first year of purchase. Which amount below is closest to the amount Harding will record for depreciation expense for the equipment in the first year? (Round your intermediate percentages to the nearest whole number: le 0.054231 = 5%. Do not round any other intermediate calculations.) Multiple Choice 5418.124 $217654 Multiple Choice $418,124 $217,654 $212,439 $423590 ch OR 9. 74 > Which inventory costing method will produce an amount for cost of goods sold that is closest to current market value? Multiple Choice Weighted average Specific identification LIFO FIFO > Which of the following would be classified as a long-term operational asset? Multiple Choice Notes receivable Trademark Inventory Accounts receivable