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Carlson Imports sold a depreciable plant asset for cash of $35,000. The accumulated depreciation amounted to $70,000, and a loss of $5,000 was recognized on the sale. Under these circumstances, the original cost of the asset must have been A) $65,000. B) $75,000. C) $100,000. D) $110,000. 34. voli Instrumentation sold a depreciable asset for cash of S100,000. The original cost of asset was $400,000. Tivoli recognized a gain of $15,000 on the sale. What was the the amount of accumula A) $315,000 B) $85,000. C) $385,000. D) $300,000. on the asset at the time of its sale? Machinery acquired new on January 1 at a cost of $50,000 was estimated to have a useful life of 10 years and a residual salvage value of $20,000. Straight-line depreciation was used. On January I, following six full years of use of the machinery, management decided that the estimate of useful life had been too long and that the machinery would have to be retired after two more years, that is, at the end of the eighth year of service. Under this revised estimate, the depreciation expense for the seventh year of use would be: A) $6,000. B) $8,000. C) $11,000. D) $12,000 36. 37. The ability of a partner to enter into a contract on behalf of all partners is called a. voluntary agency b. mtual agency. c. unlimited liability d. voluntary association. 8. Which of the following does not result in dissolution of a partnership? a. Admission of a new partner b. Sale of partnership assets c. Death of a partner e Bankruptcy of a partner 39. Jerry and Rose have agreed to form a partnership. Accordingly, Rose will invest $40,000 worth of equipment which has a note payable of $15, 000 which the partnership assumes, and Jerry will invest $40,000 in cash. The Rose's capital account balance will be. A. $40,000 B. $25,000 C. $15,000 D. $80,000