cases with a 45-minute time limit to complete this test. You are welcome to use a calculator (no cell phones and blank scra information as you complete the questions Please read the instructions carefully! For the written problems, please present your answers in the requested forma D Question 8 Cannon Corporation experienced the following transactions this year Purchased equipment with $12.000 cash Paid $5.000 utility bill Incurred legal fees on credit totaling 58.000 Purchased 12 months of insurance for $10.000 cash Paid back a loan balance of $3.500 What expenses are immediately recognized as a result of these transactions? $26.500 $27.000 $16.500 $12.000 Previous QUE MacBook Pro esc 30 28 8 16 @ S 2 % 3 4 & 5 6 7