Question 1 3 pts Lyons Corp purchased equipment costing $250,000 and paid an additional $25,000 to have it shipped to the factory. An additional $45,000 was spent on installation and testing. The company spent $18,000 on repairs and $16,000 on insurance the first year it was in service. What amount should Lyons Corp capitalize for this equipment? O $354,000 $320,000 O $250,000 O $275,000 D 3 pts Question 2 A machine has a cost of $62,000, an estimated residual value of $10,000, and an estimated useful life of 10 years. The machine is being depreciated on a straight-line basis. At the end of the first year, what amount will be reported for accumulated depreciation? (Round your final answer to the nearest dollar) $6.200 O $56,800 $5,200 O $12.400 Question 3 3 pts Stevens, Inc. purchased a machine for $100,000 on October 1, 2019. The estimated service life is 5 years with a $15,000 residual value, Stevens records partial-year depreciation based on the number of months in service. Depreciation expense for the year ended December 31, 2019, using straight-line depreciation, is? (round answer to nearest dollar) O $4,250 $17.000 O $5,000 O $5,667 D Question 4 3 pts Steven's Cowboy Clothes Corp. incurred the following costs associated with the acquisition of land it will use for a distribution center: Sale price of the land $430,000 Cash received from Sale of salvaged parts already on land $25,000 Demolition of the old building $40,000 Repairs to a skid loader used for grading $1.500 Land preparation and leveling $9.500 What amount should Steven's Cowboy Clothes Corp, record for the purchase of the land? 5506,000 5504 500 $454,500 O $456.000 D Question 5 3 pts On July 28, 2020, Beaver Corp. sold a machine that originally cost $72,000, and had accumulated depreciation of $28,000. Beaver Corp. received $29.000 from the sale. How much gain or loss did Beaver Corp. recognize on the sale? $15.000 gain $29.000 gain $15.000 loss $43,000 loss