Mayer Instrumentation sold a depreciable asset for cash $300,000. The original cost of the asset was $1,200,000. Mayer recognized a gain of $45,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale? A. $945,000 B. $255,000 C. $1,155,000 D. $990,000 Land is purchased for $456,000. Additional costs include a $30,300 fee to a broker, a survey fee of $3,400, $2,750 to construct a fence, and a legal fee of $12,500. What is the cost of the land? A. $456,000 B. $486,000 C. $502,200 D. $504,950 8. Interest payable on a loan becomes a liability A. when the note payable is issued. B. as it accrues. C. at the maturity date. D. when the borrowed money is received. Taylor Limited had accounts receivable of $310,000 and an allowance for impairment of $19,500 just before writing off as worthless an account receivable from Burton Company of $1,300. The estimated collectible amount of the accounts receivable before and after the write-off were A. $290,500 before and $289,200 after. B. $290,500 before and $290,500 after. C. $310,000 before and $308,700 after. D. $329,500 before and S328,200 after. 10. Amortizing a premium on bonds payable: A. increases interest expense. B. increases periodic cash payments to bondholders. C. decreases interest expense. D. decreases periodic cash payments to bondholders