Palso purchased a machine for $13, 500 2 years ago. Has recorded $9, 400 of depreciation on the machine. Now, Palso sells the machine for $2,000. Which of the following is true? Palso has a $2,000 gain on the sale Palso has a $2, 100 gain on the sale Palso has a $2, 100 loss on the sale Palso has a $13, 500 loss on the sale none of the above Igloo Corporation purchased Sunshine, Inc. for $910,000 on December 31, Year 7. Sunshine had three assets and one liability on the date of purchase. The book value (balance sheet valuation) and fair value of the net assets (assets less liabilities) at the date of acquisition were as follows: What will Igloo record as goodwill on the purchase? A company paid $515,000 to purchase equipment. Commercial use of the equipment began on July 1, year 1. The estimate residual value of the equipment is $5,000. The equipment is expected to be used a total of 50,000 hours throughout its estimated useful life of six years. The company has a December 31 year-end and had used the equipment a total of 11, 200 hours prior to the year-end. Using the units of production method, what amount of depreciation expenses would the company report for this equipment in the income statement prepared for the year ended December 31, Year 1? Do not round interim computations and choose the closest answer to your final answer. $115, 360 $114, 240 $57, 680 $57, 120