Kansas Enterprises purchased equipment for $76,000 on January 1, 2021. The equipment is expected to have a ten-year service life, with a residual value of $6.900 at the end of ten years. Using the straight-line method, the book value at December 31, 2021, would be: Multiple Choice $68,400 O O $62.190. O $69,100 $69,090. A building was purchased for $63,500. The asset has an expected useful life of eight years and depreciation expense each year is $5,000 using the straight-line method. What is the residual value of the building? Multiple Choice $23.500 $7.938 $0. $12.938 The balance sheet of Hidden Valley Farms reports total assets of $890,000 and $930,000 at the beginning and end of the year, respectively. The return on assets for the year is 5%. What Is Hidden Valley's net Income for the year? Multiple Choice O $18,600.000 O $18.200.000 O O $45.500. $46,500 The balance sheet of Cattleman's Steakhouse shows assets of $85,800 and liabilities of $15,000. The fair value of the assets is $89,700 and the fair value of its liabilities is $15,000. Longhorn paid Cattleman's $84,420 to acquire all of its assets and liabilitles. Longhorn should record goodwill on this purchase of Multiple Choice $7,000 $13,620 O $1,380. $9,720