Question 1 You purchased the property where your workshop is located five years ago for $450,000. It was recently appraised for $515,000. The financial statements should O be adjusted to reflect the $65.000 increase in asset value be adjusted to reflect the $65,000 gain on the Income Statement not be adjusted O none of the above Question 2 Goodwill, patents and trademarks are known as O fixed assets O current assets O intangible assets O prepaid assets O none of the above Question 3 3 pts Your new company car arrived and you decided to sell the old one. You originally paid $45,000 for it, assumed a salvage value of $3,000 and were depreciating it over a four year period. If you received $10,000 for it at the end of year 3, what would you report on the income statement? O a loss of $10,500 O a loss of $3.500 O a gain of $10.000 O a gain of $7,0000 O none of the above Question 4 3 pts Using the same information as in the previous question, what would you report on the Income Statement if you received $10,000 at the end of year 4? O a loss of $10,500 O a loss of $3,500 O a gain of $10,000 O a gain of $7,000 O none of the above Question 5 2 pts Your two new display cases cost $7,500 each. Shipping from the manufacturer cost another $2,600. The installer charged $900 to set up the cases (carpet work, leveling and trim) and the electrician needed $1,500 to wire the display cases and lighting controls. What will be the cost we show on the Balance Sheet? Question 6 2 pts Using the information from the previous question, what will be the monthly depreciation on this asset? Assume we will depreciate over 6 years and the expected salvage value will be $2,000. Question 7 2 pts Using the information from the previous two questions, what would be the accumulated depreciation on this asset at the end of year 4