PLEASE ANSWER ALL THE QUESTIONS!!

1. Which of the following should be recorded with a debit to accumulated depreciation?

Group of answer choices

Todd Company increased the productivity of its equipment by installing new programs at a cost of $28,000.

Tyson, Inc. spent $120 to routine change of spark plugs in its vehicle.

Isthmus Corporation performed routine maintenance on its fleet of aircraft at a cost of $45,000.

Rene Corporation increased the efficiency of its production process by spending $38,000 on a consultant.

Height Company increased the life of its machine by spending $2,000 in upgrades.

2. The journal entry to record depletion is a debit to Depletion Expense and a credit to Accumulated Depletion.

Group of answer choices

True

False

3. An annuity due is one where payments are made at the end of the period.

Group of answer choices

True

False

4. Interest is the charge for the use of money over time.

Group of answer choices

False

True

5. According to IFRS, research costs should be expensed as incurred, but development costs must be capitalized.

Group of answer choices

False

True

6. Tyler Company purchases debt securities of West Company for $2,800 on September 1, 2016. This investment is classified as an available-for-sale security. On December 31, 2016, the investment is valued at $2,000. If Tyler reported net income of $47,000 for the year, what would be Tylers comprehensive income?

Group of answer choices

$43,500

$46,200

$47,400

$49,000

$49,800

7. Tyler Company purchases debt securities of West Company for $2,800 on September 1, 2016. This investment is classified as an available-for-sale debt security. On December 31, 2016, the investment is valued at $2,000. Determine the amount of unrealized gain or loss reported by Tyler Company?

Group of answer choices

$3,500 loss

$800 loss

$400 gain

$2,000 gain

$2,800 gain