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From page 7-1 of the VLN, acquisition cost would NOT include: Purchase price. Transportation cost to get the asset ready to be used, Sales taxes. Cost incurred to operate the asset. From page 71 of the VLN, how is interest normally treated in the acquisition cost of a long-term asset? Expensed when it is incurred, interest is not included. Include in the acquisition cost of the asset. Capitalized with the long-term asset. Added to non-operating revenue. From page 72 of the VLN, intangible assets are long term assets and would NOT include: Goodwill Natural gas Patents Copyrights Disposal of an asset. From pages 7-7 and 7-8 of the VLN, the company sold the mower after using it for a year and a half for $6,000. In recording the sale, they would: Debit a loss for $2,000 Debit cash for $2,000 Credit a gain for $1,000 Credit accumulated depreciation for $3,000 From pages 7-7 and 7-8 of the VLN, when will a company record a loss on a sale of a long-term asset? When the book value of the asset is more than the cash received When the book value of the asset is less than the cash received When the cost of the asset is more than the cash received When the cost of the asset is less than the cash received. Using the practice on page 7.8, determine the profit margin (aka, net profit margin) if Quality Resort Toys had sales of $1,900,000; sales discounts of $50,000 and cost of goods sold of $800,000 and net income of $277,500. % (do not include % in your answer)