can someone explain in detail how the answers were received for #27 and #28

27. On May 1, 2011, a company using accrual accounting purchased equipment costing $500,000. It expects the equipment to have a useful life of five years. At the time of purchase, the company How much insurance expense should the company have recognized for the year ending in 2011? Your Correct Answer Answer $3,000 $4,000 ~ $6,000 $8,000 28. In January of year 1, a company began doing business as a corporation in order to sell technology-related accessories and services. During its first month of operations, it focused on obtaining the financing needed to start its operations. In February of year 1, the company sold inventory costing $25,000 for $75,000 cash. In February of year 1, the company provided technology-related services worth $10,000. following month. Customers paid a total of $4,000 in cash for these services and promised to pay the remainder the What will be the total impact of these services provided on the company's balance sheet other than an increase in cash of $4,000? Choose 2 answers Your Correct Answer Answer Accounts receivable will increase $6,000. Retained earnings will increase $10,000. V Retained earnings will decrease $2,000. Retained earnings will increase $6,000. Accounts receivable will decrease $6,000. 19