Based on our discussion, which of the following is one of the FASB's formal 15. (4 points) Based on our discussion, which of the purposes for the Statement of Cash Flows? (AC 24) N o provide information about liquidity, solvency, and financial flexibility. o summarize operating, investing, and financing activities. summarize information about the operating activities of a business. D) To help investors assess risk and predict future cash flows. McCartney Company purchased a depreciable asset for $250,000 on April 1, The estimated salvage value is $25,000, and the estimated useful life is 5 years. ir The straight-line method is used for depreciation. What should be the debit to accumulated depreciation on May 1, Year 8 when the asset is sold? (A 27) W yp A) $90,000 4/45 /405 WyZ B) $105,000 tx C) $123,750 (D) $138,750 17. (4 points) Goods in transit which are shipped f.o.b. destination should be . (A11) A) included in the inventory of the shipping company. B) included in the inventory of the seller. C) included in the inventory of the buyer.- D) none of these