Question 1 7 pts A machine having a book value on 1/1/20 of $3,000 was sold on 4/1/20 for $3,300. The original cost of the machine (acquired on 1/1/18) was $5,000. At that time, the estimated life of the machine was five years, with no residual value. The last entry for depreciation (straight-line) was made on 12/31/19. Prepare the two journal entries required on 4/1/20. [Please refer to the aforementioned journal entry answer conventions.) JE #1 JE#2 Question 21 3 pts When inventory is written down due to lower-of-cost-or-NRV rule, the account that is debited is: Cost of goods sold Inventory expense Sales returns & allowances Inventory O None of the above Question 23 3 pt Goodwill: is an intangible asset that is tested annually for impairment. is an intangible asset that is always amortized. appears as an expense on the income statement when a company buys an entire business unit. can appear on the balance sheet either as an asset or a liability. is the difference between the purchase price of a business and the book value of the net assets