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6 Entity purchased a 12-month insurance policy on March 1, 2022 for $2,400. At December 31, 2022, after adjusting entries are made, what amount will be reflected as prepaid insurance on the balance sheet? S2.400. b. $2,000 *e. d. $400 2400-[(2400/12)* 10 months expensed] SO a. 7 Entity D follows the revenue recognition principle. Entity services a car on August 31. The customer picks up the vehicle on September I and mails the payment to Entity Don September 5. Entity Dreceives the check in the mail on September 6. When should Entity D show that the revenue was recognized? *a. August 31 b. August 1 September d. September 6 8. Entity E had the following transactions during 2022: Sales of $9,000 on account Collected $4,000 for services to be performed in 2023 Paid $3,750 cash in salaries for 2022 Purchased airline tickets for $500 in December for a trip to take place in 2023 What is Entity D's 2022 net income using accrual accounting? 55.750 b. 59,750 59.250 d. $5,250 9,000-3750) 9. All of the following statements about depreciation are false except: Depreciation provides a cash fund for replacement. b. The book value of an asset should approximate its market value *c. Depreciation is a process of cost allocation, not asset valuation d. Depreciation should not be applied buildings, because their revenue producing ability generally remains intact over time. 10. Which of the following factors would favor issuing common stock to finance a plant expansion, rather than issuing long-term bonds payable? Dividends on common stock are discretionary with the board of directors; periodic interest payments on debt are not b. Dividends are tax deductible to the company. Current shareholders may not want to buy additional shares. Eamings-per-share may be lower with more common stock. c. a. c. d