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HELP?!? On May 1, Marie Company purchased new machinery for $70,000 plus 8% sales tax. The machinery was advertised for $72,000. Other costs associated with
HELP?!? On May 1, Marie Company purchased new machinery for $70,000 plus 8% sales tax. The machinery was advertised for $72,000. Other costs associated with the machinery were testing of the new machine, $2,000; delivery cost of $3,600; installation cost, $5,500; and hiring of a new employee to run the machine at $2,880/month. At what amount will the machinery be recorded on a balance sheet? Multiple Choice $ 77,760 Oo oo $ 84.700 $ 86,700 ABC Corp. purchased a building on April 1, 2020, that was put on the books at $500,000. The building is expected to be used for 25 years and at the end of the 25 years will be sold for an estimated selling price of $100,000. ABC closes its books at the end of every calendar year. ABC Corp. uses the straight-line method of depreciation. Based on this information, which of the following is correct? Multiple Choice Depreciation Expense at 12/31/20 is $ 16,000 O Accumulated Depreciation at 12/3121 is $ 28,000 O Depreciation Expense at 12/312021 is $12,000 O O Accumulated Depreciation of 12/31/20 is $16,000 Below are assets found of the Balance Sheet of IQ Testing Corp. Which of the following assets are amortized? Goodwill Patents Equipment Timberland
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