Holiday Company purchases a machine for $40,000 on January 1, 2020. The machine has an expected useful life of five years with no residual value. Holiday Company uses the straight-line depreciation method. What is the depreciation expense for the year ended December 31, 2020? O $40.000 $16,000 O $8.000 $0 H&H, Inc. had the following balances and transactions during 2020: Beginning Inventory as of 1/1/20: 200 units at $50 3/10/20: Sold 100 units 6/10/20: Purchased 200 units at $54 10/30/20: Sold 150 units What would be reported for Cost of Goods Sold on the Income Statement for the year ending December 31, 2020 if FIFO (first-in, first-out) inventory costing method is used? O $13,102 $11,450 $12.700 O $5,000 Neil and Mike allocate 2/3 of their partnership's profits and losses to Neil and 1/3 to Mike. If the net income of the form is $90,000, calculate the share of Mike's net income. O $10,000 O $60,000 O $20,000 O $30,000