Only the mc questions

. means the book value should not be reduced below residual value. Tot dedueted in calculating the depreciation base. all of these Depletion expense a. is usually part of cost of goods sold. b. includes tangible equipment costs in the depletion base. c. excludes intangible development costs from the depletion base. d. excludes restoration costs from the depletion base The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale were a. less than current market value. b. greater than cost. c. greater than book value. d. less than book value. Moritz Company has a December 31 year-end. It purchased a new machine on January 1, 20 for $130,000. At the time of acquisition, the machine was estimated to have a useful life of t years and an estimated residual value of $ depreciation using the straight-line method. On July 1, 201 Record the journal entry for the sale of the asset. 10,000. The company has recorded mont 7, the machine was sol