D) A) Accounts Pay C) Sales Returns and Allowances SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 13) 13) On January 1, 2020, Arin Manufacturing Company purchased a machine for $50,000. The company expects to use the machine over the next 4 years. The estimated salvage value of the machine at the end of 4 years is $5,000. A) What is the depreciation expense and book value of the machine after three years, using the straight-line method of depreciation? (3 marks) B) What is the depreciation expense and book value of the machine after two years, using the double-declining-balance depreciation method? (4 marks) 14 14) An asset was purchased for $15,000. The asset's estimated useful life was 4 years, and its residual value was $3,000. Straight-line depreciation was used. A) How much gain or loss is reported if the asset is sold for $7,000 at the end of the third year? (3 marks) B) What is the entry to record the sale of the asset? (2 marks) 15) Lahore Corporation issues 200 shares of $10 par value common stock for $40 per share. What is the journal entry to record this transaction? (2 marks) 16) A corporation declares a dividend of $0.90 per share on 13,500 shares of common stock. What is the journal entry on the day of payment? (2 marks) 17) Aimen Jewellers had the following balances and transactions during 2020: Beginning Merchandise Inventory March 10 June 10 October 30 50 units at $200 Sold 25 units Purchased 80 units at $220 Sold 50 units What would the company's ending merchandise inventory and cost of goods sold amounts be on December 31, 2020 if the perpetual last-in, first-out and periodic first- first-out costing methods are used? (10 marks)