On January 1, 2021, FL Corp. issued $3,000,000 par value 12%, 10-year bonds which pay interest each December 31. If the market rate of interest was 14%, what should the issue price of the bonds be? (Hint: The present value factor for $1 in 10 periods at 12% is 0.3220 and at 14% is 0.2697. The present value of an annuity of $1 factor for 10 periods at 12% is 5.6502 and at 14% is 5.2161.) (Round discount factor to 4 decimal places. Round the final answer to nearest whole dollar) Multiple Choice $2,686,896 $2,843,172 $3,000,000 $3,339,084 On December 31, 2021, Reico sells an asset that originally cost $450,000 for $90,000. The company recognized a gain on disposal of $25,000. What was the balance of the accumulated depreciation account before the current year's depreciation of $15,000 was recorded? Multiple Choice $ 50,000 $ 80,000 $320,000 $350,000 $370,000 MC Inc. paid $140,000 for a property. The property included land appraised at $67,500, land improvements appraised at $25,000, and a building appraised at $55,500. What should be the allocation of costs in the accounting records (round calculations to 3 decimals)? Multiple Choice Land $62,000; land improvements, $23,000; building, $45,000 Land $62,000; land improvements, $23,800; building, $46,200 Land $63,840; land improvements, $23,660; building, $52,500 Land $79,500; land improvements, $32,600; building, $47,700 Land $87,500; land improvements; $35,000; building; $52,500 In 2021, Tonbar Iron Ore Co purchased a mine for $200 million ($30 million was applicable to the land). An independent evaluation estimated the mine's iron ore reserves at 7.5 million tons. In 2021, Tonbar extracted 0.9 million tons. The company's depletion expense for 2021 is: Multiple Choice $24 million $18.6 million $20.4 million 12.8 million