Can you tell us what kind of plant assets are used in your company or place of business? Do you have an estimate of the amount invested in those plant assets?

On January 1, a machine with a useful life of five years and a salvage value of $20000was purchased for $270000. What is the depreciation expense for year 2 under straight-line depreciation?

$50000.

$162000.

$32400.

$129600.

Whispering Winds Corp.bought equipment on January 1, 2022. The equipment cost $410000and had an expected salvage value of $45000. The life of the equipment was estimated to be5years. The depreciable cost of the equipment is

$410000.

$365000.

$45000.

$73000.

Ivanhoe Companypurchases land for $195000cash.Ivanhoeassumes $5600in property taxes due on the land. The title and attorney fees totaled $1900.Ivanhoehas the land graded for $3400. They paid $19000for paving of a parking lot. What amount doesIvanhoerecord as the cost for the land?

$195000.

$205900.

$224900.

$200300.

Equipment with a cost of $850600has an estimated salvage value of $25000and an estimated life of4years or19200hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year, during which the equipment was used for4800hours?

$212650.

$206400.

$218900.

$217650.

Indigo Corporationpurchased a delivery van with a $68000list price. The company was given a $4400cash discount by the dealer and paid $2800sales tax. Annual insurance on the van is $1200. As a result of the purchase, by how much willIndigo Corporationincrease its van account?

$63600.

$66800.

$68000.

$66400.

On January 1, 2020,Wild horse Co., a calendar-year company, issued $2360000of notes payable, of which $590000is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2020, is:

Long-term debt, $2360000.

Current liabilities, $590000; Long-term Debt, $1770000.

Current liabilities, $590000; Long-term Debt, $1180000.

Current liabilities, $2360000.

A cash register tape shows cash sales of $7500and sales taxes of $375. The journal entry to record this information is

Cash7500

Sales Tax Expense375Sales Revenue7875

Cash7500

Sales Revenue7500

Cash7875

Sales Tax Revenue375Sales Revenue7500

Cash7875

Sales Revenue7500

Sales Taxes Payable375

Bonds with a face value of $480000and a quoted price of98.5have a selling price of

$472800.

$470640.

$470424.

$471600.

Five thousand bonds with a face value of $1000each, are sold at108. The entry to record the issuance is

Cash5000000Premium on Bonds Payable400000Bonds Payable5400000

Cash5400000Premium on Bonds Payable400000Bonds Payable5000000

Cash5400000Discount on Bonds Payable400000Bonds Payable5000000

Cash5400000

Bonds Payable5400000

Cullumber Companyreceived proceeds of $844000on10-year,5% bonds issued on January 1, 2019. The bonds had a face value of $896000, pay interest annually on December 31, and have a call price of102.Cullumberuses the straight-line method of amortization. What is the amount of interestCullumbermust pay the bondholders in 2019?

$39600

$42200

$50000

$44800