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QUESTION 21 OOOO The account Allowance for Doubtful Accounts is classified as a(n) contra account of Bad Debt Expense. contra account to Accounts Receivable. liability expense. QUESTION 22 Which of the following activities would be classified as an investing activity? Cash received from interest revenue. Cash received from dividend revenue. Cash paid to reacquire capital stock. Cash paid (loaned) to a borrower as a loan QUESTION 23 Which of the following best describes the objective of depreciation? To report the asset on the balance sheet at the estimated amount for which the asset could be sold on the balance sheet date: To estimate the remaining useful life of the asset. To allocate the cost of a tangible asset to the periods in which its use contributes to earning revenue. To estimate the current market value of the asset. QUESTION 24 Brown Inc, disposed of an asset at the end of the sixth year of its estimated life for $19.000 cash. The asset's life was originally estimated to be 8 years. The original cost was $40,000 with an estimated residual value of $8,000. The asset was being depreciated using the straight line method. What was the gain (or loss) on the disposal? Loss of 3,000 Gain of 3,000 Gain of 9,000 Loss of 9,000