Madison Corporation purchased 40% of Jay Corporation for $260,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $65,000. At year-end, Jay Corporation reported net income of $325,000. The balance in Madison Corporation's Long-Term Investment-Jay Corporation account as of December 31 should be:

13_ value: 3.33 points A company's old machine that cost $46,000 and had aocumulated depreciation of $35,400 was traded in on a new machine having an estimated 20year life with an invoice price of $56500. The company also paid $48,400 cash, along with its old machine to acquire the new machine. If this transaction has commercial substance, the new machine should be recorded at: 0 $54,200. 0 $46,000. 0 $10,600. 0 $59,000. 0 $56,600. 14. value: 3.33 points An asset's book value is $46,800 on January 1, Year 6. The asset is being depreciated $650 per month using the straightline method. Assuming the asset is sold on July 1, Year 7 for $34,100, the company should record: 0 Neither a gain or loss is recognized on this type oftransaction. O A gain on sale of $1,000 0 A loss on sale of $500 0 A gain on sale of $500 0 A loss on sale of $1,000 15. value: 3.33 points When originally purchased, a vehicle costing $23,040 had an estimated useful life of 8 and an estimated salvage value of $1.600. After 4 years of straightline depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: 0 $5,528.00. 0 $2,348.00. 0 $2,680.00. 0 $5,360.00. 0 $10,720.00. 16. value: 3.33 points Phoenix Agency leases office space for $7,100 per month. On January 3, Phoenix incurs $88,200 to improve the leased office space. These improvements are expected to yield benefits for 9 years. Phoenix has 7 years remaining on its lease. Compute the amount of expense that should be recorded the first year related to the improvements. O $16,900. O $19,700. O $7,100. O $9,800. O $12,600.18. value: 3.33 points A machine originally had an estimated useful life of8 years, but after 3 complete years. it was decided that the original estimate of useful life should have been 14 years. At that point the remaining cost to be depreciated should be allocated over the remaining: 0 11 years. 0 Syears. O dears. O 14 years; 0 8 years. 19_ value: 3.33 points Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of 3154.000. The machine's useful life is estimated to be 5years, or 370.000 units of product, with a $6.000 salvage value. During its second year. the machine produces 59.200 units of product. Determine the machines' second year depreciation under the straightline method. 0 $23,680. 0 $29,600. 0 $30,300. 0 $24,640. 0 $32,000. 20_ value: 3.33 points A company sold equipment that originally cost $280000 for $140,000 cash. The accumulated depreciation on the equipment was $140.000. The company should recognize a: 0 $0 gain or loss. 0 $70,000 gain. 0 $70,000 loss' 0 $140,000 loss. 0 $140,000 gain. 21. value: 3.33 points Ngu owns equipment that cost $105,500 with accumulated depreciation of $72,000. Ngu asks $38,000 for the equipment but sells the equipment for $35,000. Compute the amount of gain or loss on the sale. O $1,500 loss. O $3,000 gain. O $4,500 loss. $1,500 gain. O $4,500 gain.23. value: 3.33 points Peavey Enterprises purchased a depreciable asset for $25,500 on April 1, Year 1. The asset will be depreciated using the straightline method over its four year useful life. Assuming the asset's salvage value is $2,700, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of". 0 $22,800.00 0 $4,750.00 0 $6,375.00 0 $5,700.00 0 $21,350.00 24. value: 3.33 points Flask Company reports net sales of $3,070 million; cost of goods sold of $2.580 million; net income of $520 million; and average total assets of $2.460 million. Compute its total asset turnover. 25. value: 3.35 points Landmark buys $350,000 of Schroeter Company's 6% fiveyear bonds payable at par value on September 1. Interest payments are made semiannually on March 1 and September 1. Thejournal entry Landmark should record to accrue interest earned at year-end December 31 is [Do not round your intermediate calculations]: 0 Debit Interest Receivable $7,000, credit Interest Revenue $7,000. 0 Debit Interest Receivable $10,500, credit Interest Revenue $10,500. 0 Debit Cash $10,500, credit Interest Revenue $10,500 0 Debit Cash $7,000, credit Interest Revenue $7,000. 0 Debit Interest Revenue $7,000, credit Interest Receivable $7,000. 27_ value: 3.35 points Madison Corporation purchased 40% of Jay Corporation for $260,000 on January 1. On June 20 of the same year, Jay Corporation declared total cash dividends of $65.000. At yearend, Jay Corporation reported net income of $325,000. The balance in Madison Corporation's LongTerm InvestmentJay Corporation account as of December 31 should be: 0 $481,000. 0 $364,000. 0 $416,000. 0 $156,000. 0 $260,000