On January 1, Able Company purchased equipment costing $142,800 with an estimated salvage value of $14,400, and an estimated useful life of five years. Using the straight- line method, what is the amount that should be recorded as depreciation on December 312 Multiple Choice O $142,800 O $25,580 O $14,400 $28,560 O $31.440 A company had service revenue of $253,000, rent expense of $10,300, utility expense of $3,800, salary expense of $18,800, depreciation expense of $9,300, advertising expense of $4,530, dividends in the amount of $18,300, and a beginning balance in retained earnings of $18,200. What is the balance in the income summary account before it is closed for the period? Multiple Choice $$46,730 O $253,000 $$206,270 S$234,800 $$224.470 Based on the following information, determine the current assets, assuming all accounts have a normal balance? Cash $4,000 Accounts receivable 15,718 Office supplies Land Office equipment $6,954 Dividends Consulting fees 15,733 earned 2,825 Rent expense 39,153 Salaries expense 16,535 Telephone expense Miscellaneous 6,663 expense 56,490 Retained Earnings 3,873 6,842 760 Accounts payable 480 Common stock ? Multiple Choice $81,200 $42,047 (0) $63,153 $64,665 O $25,512