Machinery was purchased on January 1 for $56,000.00. The machinery has an estimated life of 7 years and an estimated salvage value of $9,000. Double-declining balance depreciation for the second year would be The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. Machinery was purchased on January 1 for $51,000. The machinery has an estimated life of 7 years and an estimated salvage value of $9,000. Double-declining-balance depreciation for the second year would be (round calculations to the nearest dollar): 17. MC.09-66.Algo (Algorithmic) A building with an appraisal value of $136,481.00 is made available at an offer price of $159,100.00. The purchaser acquires the property for $31,481.00 in cash, a 90 -day note payable for $22,874.00, and a mortgage amounting to $55,608.00. What is the cost basis recorded in the buyer's accounting records to recognize this purchase? Select the correct answer. $109,963.00$127,619.00$159,100.00$136,481.00 A used machine with a purchase price of $77,000, requiring an overhaul costing $8,000, installation costs of $5,000, 18. MC.09-67 and special acquisition fees of $3,000, would have a cost basis of $85,000$93,000$90,000$82,000 19. MC.09-68 A new machine with a purchase price of $109,000, with transportation costs of $12,000, installation costs of $5,000, and special acquisition fees of $6,000, would have a cost basis of $126,000$121,000$114,000$132,000 20. MC.09-97 An asset was purchased for $120,000 on January 1 , Year 1 and originally estimated to have a useful life of 10 years with a residual value of $10,000. At the beginning of the third year, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,000. Calculate the third-year depreciation expense using the revised amounts and straight-line method. $24,500$25,000$24,000$11,000 21. MC.09-97.Algo (Algorithmic) An asset was purchased for $139,000,00 on January 1 , Year 1 and originally estimated to have a useful life of 10 years with a residual value of $13,000.00. At the beginning of the third year, it was determined that the remaining hitps://v2.cengagenow.comfilm/takeAssignment/printUntakenAssignment.do?assignmentld =4182069 13. .07-98 Minor Company had checks outstanding totaling $19,200 on its April bank reconciliation. In May, Minor Company issued checks totaling $64,900. The May bank statement shows that $47,600 in checks cleared the bank in May. A check from one of Minor Company's customers of $300 was also returned marked "NSF". The amount of outstanding checks on Minor Company's May bank reconciliation should be $36,800$17,300$36,500$28,400 14. MC.07-99 Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31 . 15. MC. 07100 Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30 . $3,690$5,130$3,040$1,590 16. MC.09-66 A building with an appraisal value of $154,000 is made available at an offer price of $172,000. The purchaser acquires the property for $40,000 in cash, a 90 -day note payable for $45,000, and a mortgage amounting to $75,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is $160,000