How to report the unrealized gain/loss for these investment? A Unrealized holding gain $2,000 - net income. B. Unrealized holding loss $2,000 - net income. c. Unrealized holding loss $2,000 - other comprehensive income. D. No reporting. . For the prior question, what amount will be reported in the balance sheet for this portfolio at December 31, 2016, and how will it be classified? Amount Classification $160,000 Current Asset B. $160.000 NonCurrent Asset C. $162,000 Noncurrent Asset D. $162,000 Current Asset 14. Cummings corporation purchased new equipment on January 1. 2014. The equipment cost $9,000, had an estimated useful life of four years, and a residual value of $400. Using double declining balance amortization, the depreciation expense of 2015 and book value of the equipment at the end of 2015 should be: A. $2,150 and $2,150 B. $2,150 and $2.550 C. $2,250 and $1,850 D. $2,250 and $2,250 15. Ryan Corp. has the following share capital outstanding as the end of 2017: Common, 10,000 shares, Preferred $1.80 non-cumulative, non-participating. 10,000 shares. Dividends was not paid in 2015 and 2016. Total dividends of $90,000 will be paid for the current year. The total amounts that will be received by the preferred shareholders and common shareholders are: Preferred Shareholders Common Shareholders $36.000 $54.000 SI8,000 $72.000 $90,000 SO $54,000 $36.000 A. Choice 3 B. Choice 2 C. Choice1 D. Choice 4 16. Cummings corporation has a capital asset(e.g., a machine) that cost $12,000 when acquired (estimated useful life, years and the estimated sale price at disposal date $2,000). The estimated cost of dismantling and removing the machine at the end of year 4 is S100. Assuming straight-line amortization, the annual amortization expense is: A. $3.000 B. $2,030 C. $2.525 D. $2,538 17. Which of the following is not a current liability? A. Wages payable. B. Sales tax collected from customers. C. Bonds payable. D. Accounts payable. Other paid-in capital accounts Retained earnings 20,000 4,000,000 3,000,000 During 2017. half of the treasury stock was resold for $285.000, the sale would A. Reduce PIC -- share repurchase by $15,000 B. Reduce retained earnings by $10.000 C. Reduce PIC -- share repurchase by $10,000 D. Increase total shareholders' equity by $300,000. 30. On January 1, 2018, Nana Company paid $100.000 for 8.000 shares of Papa Company common stock. The ownership in Papa Company is 10%. Nana Company does not have significant influence over Papa Company. Papa reported net income of $56,000 for the year ended December 31, 2018. The fair value of the Papa stock on that date was $54 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2018? A $357,000. B. $432,000. C. $387.000. D. $372,000. 39. Depreciation, depletion, and amortization: A All of these answer choices are correct. B. Are all handled the same in arriving at taxable income. C. All refer to the process of allocating the cost of long-term assets used in the business over future periods. D. All generally use the same methods of cost allocation. Yes Yes 40. Unrealized holding gains and losses are included in an investor's earnings for: Trading Securities Securities Available-For-Sale No Yes Yes No A. Option a B. Optionc C. Option b D. Option d 41. Cello Corporation purchased three patents at a total cost of $960,000. The appraised values of the individual were as follows: Patent 1 $ 600,000 Patent 2 400,000 Patent 3 200,000 The costs that should be assigned to Patents 1, 2, and 3, respectively, are: A. All of these answer choices are incorrect. B. $480,000; $320,000; $160,000. C. $320,000; $320,000; $320,000. D. $600,000; $400,000; $200,000