Home Ivy Question 16 Not yet Sweety Pie Inc purchased two new assets on February 1, 2021: an oven at a cost of $230,000 and a trademark for $10,000. The oven has an expected useful life of 10 years and the patent 5 years. answered Marked out of 1.50 The company has a December 31 year end and uses the straight-line method for depreciation P Flag question The total depreciation for the oven and patent in 2021 is equal to: a. $21,083 for the oven; $4,583 for the patent b. $23,000 for the oven: $5,000 for the patent c. $5,000 for the oven; $23,000 for the patent d. $23,000 for the oven: $0 for the patent Question 20 Not yet Below is an excerpt from Wilma Inc's unadjusted trial balance which has a December 31 year end: answered Land $275,000 Marked out of 1,50 The land is expected to be used for 10 years. p Flag question The entry required at December 31 would consist of which of the following? a. No entry b. debit to Depreciation Expense for $27,500 C. debit to Accumulated Depreciation for $27.500 d. debit to Depreciation Expense for $27,500; credit to Accumulated Depreciation for $27,500