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er + Webcam Questions Question 1 Question 4 nts Question & On January 1, 2017, Bosco Co. purchased a machine for $792,000 and depreciated it by the () Question Question & straight-line method using an estimated useful life of eight years with no salvage value. On January 1, 2020, Bosco determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $72,000. An accounting change was made in 2020. The accumulated depreciation for this machine should have a balance at December 31, 2020 of O $528,000. O $438,000 O $462,000. O $480,000. Question 3D Question 2 4 pits Monty Company prepares its statement of cash flows using the direct method for operating activities. For the year ended December 31, 2021, Monty Company reports the following activity: Sales on account $1,400,000 Cash sales 740,000 Decrease in accounts receivable 610,000 Increase in accounts payable 72,000 Increase in inventory 48,000 Cost of goods sold 1,050,000 Accounts receivable written off 50,000 What is the amount of cash payments to inventory suppliers reported by Monty Company for the year ended December 31, 2021? O $1,170,000 O $1,074,000 O $1,026,000 O $930,000Question 3 4 pts On January 1, 2020, Denver Corp. changed its inventory method to FIFO from LIFO for both financial and income tax reporting purposes. The change resulted in an $800,000 increase in the January 1, 2020 inventory. Assume that the income tax rate for all years is 30%. The cumulative effect of the accounting change to prior years should be reported by Denver is O income statement as a $560,000 cumulative effect of accounting change. income statement as an $800,000 cumulative effect of accounting change. O retained earnings statement as an $800,000 addition to the beginning balance. O retained earnings statement as a $560,000 addition to the beginning balance. 4 ptsQuestion 4 4 DTS On January 1, 2021 Loop Inc. leased a machine from Sharp Co. The machine is estimated to have a fair value of $400,000 and an 8-year economic life with no salvage value. The lease term is non-cancelable 3 years. The lease requires annual rent payments of $67,000 due at the beginning of each year, starting January 1, 2021. The machine is expected to have a residual value at the end of the lease term of $250,000, which is unguaranteed. Loop paid $3,000 to a real estate broker as a commission for finding the lessor. The lessee (Loop Inc.) appropriately classified the lease as an operating lease. The present value of an annuity due of 1 for 3 years at 5% is 2.85941. The present value of an ordinary annuity of 1 for 3 years at 5% is 2.72325. Click to open: In its 2021 income statement, what amount of expense should Loop report from this lease transaction? O an interest expense of $6,229 and an amortization expense of $61,771 O a lease expense of $67,000 O a lease expense of $68,000 an interest expense of $6/229 and an amortization expense of $60,771D Question 5 For an operating lease, the lessee records O an interest expense. O an amortization expense. O an amortization expense and lease expense. O a lease expense. total of $520,000Question 6 4 pt's Robert Co. purchases land and constructs a service station and car wash for a total of $520,000. At January 2, 2020, when construction is completed, the facility and land on which it was constructed are sold to a major oil company for $610,000 and immediately leased from the oil company by Robert. Fair value of the land at time of the sale was $60,000. The lease is a 10-year, noncancelable lease. Robert uses straight-line depreciation for its other various business holdings. The economic life of the facility is 15 years with zero salvage value. Title to the facility and land will pass to Robert at the end of the lease term. The gain from the sale-leaseback recognized by the seller-lessee for 2020 should be O $9,000 O $90,000 O $6,000 O $-0-Question 7 4 ots Mayo Co.'s prepaid insurance was $152,000 at 12/31/2021 and $72,000 at 12/31/2020. Insurance expense was $49,600 for 2021 and $43,000 for 2020. What amount of cash outflows for insurance would be reported in Mayo's 2021 net cash provided by (used for) operating activities presented under Direct Method? O $102,400 O $49,600 O $129,600. $158,400.D Question 8 4 pts On January 1, 2021, Loop Inc. leased a machine from Sharp Co. The machine is estimated to have a fair value of $400,000 and an 8-year economic life with no salvage value. The lease term is non-cancelable 3 years. The lease requires annual rent payments of $67,000 due at the beginning of each year, starting January 1, 2021. The machine is expected to have a residual value at the end of the lease term of $250,000, which is unguaranteed. Loop paid $3,000 to a real estate broker as a commission for finding the lessor. The lessee (Loop Inc.) appropriately classified the lease as an operating lease. The present value of an annuity due of 1 for 3 years at 5% is 2.85941. The present value of an ordinary annuity of 1 for 3 years at 5% is 2.72325. Click to open: In its December 31, 2021 balance sheet, Loop should report a Right-of-Use asset of O $127,720 O $191,580 O $132,809 129,810 haD Question 9 4 pts On January 1, 2020, Wilson Co. leases equipment to Nice Inc. The lease term is 48 months, and the rent payment will be $1,800 per month. Wilson (lessor) classifies it as an operating lease. Wilson offers a 6 month rent-holiday. Thus, Nice does not need to make any rent payments for the first 6 months. The first monthly rent at $1,800 will be paid at the beginning of 7th month. Wilson should recognize rent revenues from this lease arrangement for the first quarter on 3/31/2020 at O $5,400. O $0. O $4,725. O $6,075.on 10 Key Corp.'s transactions for the year ended December 31, 2020 included the following: 4 pts . Borrowed $2,500,000 from a bank, and then used the cash to purchase a real estate. . Sold available-for-sale securities for $2,000,000. . Paid dividends of $2,400,000. . Issued 500 shares of common stock for $1,000,000. . Purchased machinery and equipment for $500,000 cash. . Paid $1,800,000 toward a bank loan. . Reduced accounts receivable by $400,000. . Increased accounts payable $300,000. Key's net cash used in financing activities for 2020 was O $900,000. O $1,700,000. O $1,800,000. 1 pis O $700,000