Iris Company has provided the following Information regarding two of its Items of Inventory at year-end: There are 100 units of Item A, having a cost of $20 per unit, a selling price of $24 and a cost to sell of $6 per unit. There are 50 units of Item B, having a cost of $50 per unit, a selling price of $56 and a cost to sell of $4 per unit. How much is the ending Inventory using lower of cost or net realizable value? Multiple Choice O $4.400 $4.300 O O $4.500. O $4.100. Smith Company exchanges assets to acquire a building. The market price of the Smith stock on the exchange date was $20 per share and the building's book value on the books of the seller was $207,000. Which of the following journal entries is correct for Smith Company when Smith issues 10,700 shares of $10 par value common stock and pays $20,700 cash In exchange for the building? Multiple Choice 234,700 Building Common stock 234,700 127,700 Building Cash Common stock 20,700 107,000 O 234,700 Building Cash Common stock Additional paid in capital 20,700 107,000 107,000 Building Cash 234,700 20,700 214,000 Common stock On January 1, 2019, Woodstock, Inc. purchased a machine costing $42,950. Woodstock also paid $1,650 for transportation and Installation. The expected useful life of the machine is 7 years and the residual value is $4,700. How much is the annual depreciation expense, assuming use of the straight-line depreciation method? Multiple Choice $6,371 $6.136. O O $5,700 O $6,375