Question 1 O pts 1 point The main object of internal controls is to protect the company's assets. True False Question 2 O pts 1 Point Company A purchases Company B for $2,000,000. The net assets of Company B were valued at $1,500,000. What asset will show on Company A's books for $500,000 after this purchase? Goodwill O Equipment Intangible O Cash Question 3 O pts 1 point Equipment costing $20,000 with a salvage value of $3,000 and an estimated useful life of 5 years is shown on the balance sheet with accumulated depreciation of $19,000. Would this be correct? No Yes Not enough info to answer Question 4 O pts 1 Point: A company spent $20,000 on improving equipment and extending the useful life of that equipment. Which financial statement would this cost be apart of: Balance Sheet O T Accounts Income Statement No financial statement impact Question 5 O pts 1 point A company uses the Direct Write off method (not the allowance method) for reporting it's Accounts Receivable. It a customer has gone into bankruptcy and will not be paying a $2000 amount owed to the Company; what is the BDE for the accounting period? $2.000 Not enough info to