Kansas Enterprises purchased equipment for $80,500 on January 1, 2024. The equipment is expected to have a ten-year service life, with a residual value of $9,000 at the end of ten years Using the straight-line method, depreciation expense for 2024 would be: Multiple Choice 58,950 $7150 $8.050 Talks-A-Lot, Incorporated sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warranty program. The average repair cost is $74 per phone. For 2024. Talks-A-Lot has sold 550 cell phones and has repaired 11 of them as of December 31, 2024. What amount of warranty liability should be reported at December 31, 2024? (Do not round intermediate calculations.) Multiple Choice $4,070 Zero; all expected returns from warranties have been received. $3,256 On November 1,2024 , a company signed a $114,000,4%, six-month note payable with the amount borrowed plus accrued Interest due six months later on May 1, 2025. The company recorded accrued interest on December 31, 2024. The payment of the note and interest on May 1,2025, causes assets to decrease by $116,280 and which of the following? (Do not round your intermediate calculations.) Multiple Choice Liabilities to decrease by $114,760 and stockholders' equity to decrease by $1,520 Liobilities to decrease by $116,280 Lobilities to decreose by $114,000 ond stockholders' equity to decresse by $4,560