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. S990,000 Land is purchased for S456,000. Additional costs include a $30,300 fee to a broker, a survey fee of $3,400, S2,750 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 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 S310,000 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 S290,500 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