Martin Company purchases a machine at the beginning of the year at a cost of $69,000. The machine is depreciated using the straight-line method. The machine's useful life is estimated to be 5 years with a $6,000 salvage value. The book value of the machine at the end of year 5 is: Multiple Choice 0 $12,600 0 $63,000 $27,600 Flask Company reports net sales of $4,000 million; cost of goods sold of $3,600 million; net income of $720 million and average total assets of $3,450 million. Compute its total asset turnover. A company had a tractor destroyed by fire. The tractor originally cost $143,000 with accumulated depreciation of $76,200. The proceeds from the insurance company were $38,000. The company should recognize: Multiple Choice O Aloss of $28,800 O Again of $28,800. C ) A loss of $66,800. A company's old machine that cost $52,000 and had accumulated depreciation of $40,800 was traded in on a new machine having an estimated 20-year life with an invoice price of $63.200. The company also paid $53.800 cash. along with its old machine to acquire the new machine. If this transaction has commercial substance, the new machine should be recorded at: Multiple Choice O $61,400 O O $65.000 O $11.200 Cliff Company traded in an old truck for a new one. The old truck had a cost of $200,000 and accumulated depreciation of $40,000. The new truck had an invoice price of $220,000. Huffington was given a $159,000 trade in allowance on the old truck, which meant they paid $61,000 in addition to the old truck to acquire the new truck. If this transaction has commercial substance, what is the recorded value of the new truck? Multiple Choice O $160,000 0 $200,000 ta