Question 11 View Policies Current Attempt in Progress If the useful life of a long-lived asset is adjusted, the change is made in the: O future periods only. current and future periods. current and prior periods. O current period only. Save for Later 24158 Mide Tier Question 12 View Policies Current Attempt in Progress In January 2019, a machine was purchased $45.000 with a useful life of 5 years and no residual value in January 2021, the useful life was revised to 4 years from this point forward. What is the revised annual depreciation? $9,000 O $2.250 $6,750 $11,250 Save for Later Attempts: 0 of 1 used SA 24736 Hide Timer Question 13 View Policies Current Attempt in Progress Concord in exchanged an old vehicle for a new vehicle on August 31, 2021. The original cost of the vehicle was $44000 on January 1, 2017. Depreciation was calculated using the straight-line method over a ten-year useful life with an estimated residual value of $3200. The fair value of the old vehicle on August 31, 2021 was $21000. The list price of the new vehicle was $30300. Concord received a $23700 trade in allowance from the dealership and paid $6600 cash for the new vehicle. The new machinery should be recorded on Concord's books at $30300 O $27600 O $23700 $23000 Save for Later Attempts:0 of 1 used Submit Awe Your grade las been recorded in the Guidebook. Thu, Apr 30, 2020, 243:47 PM America/New York-04:00 24:20 Hide Timer Question 14 View Policies Current Attempt in Progress Deacon Engineering purchased specific equipment for $675.500 on January 1, 2014. The event had no residual a nd was estimated to have a 10 years method to depreciate this asset. The e pment was sold on January 1, 2021 for proceeds of $250.000. What gain or loss on disposal would be reported for this set in 2017 of Deaconused the straight-line Gain of $47,350 Loss of $47,350 Gain of $20,200 Loss of $20.200 Save for Later Attempts of used tormit er 23:54 de Timer Question 15 View Policies Current Attempt in Progress Skysong inc. exchanged an old vehicle for a new vehicle on August 31, 2021. The original cost of the vehicle was $45000 on January 1, 2017. Depreciation was calculated using the strain method over a ten year useful life with an estimated residual value of $3000. The fair value of the old vehicle on August 31, 2021 was $21000. The price of the new vehicle was $277. Skongreceived $24000 trade in allowance from the dealership and paid $5900 cash for the new vehicle. As a result of this transaction, the company would record which of the following! Dr. Loss on Disposal $3900 Cr. Vehicle $24000 Cr. Gain on Disposal $3900 Cr. Cash $24000 Attempts of lused Submit Save for Later rourerade has been recorded in the Grebook Neos Your de has been recorded in the Gradebook Thu, Apr 30, 2020, 2:43:47 PM (America/New York-04:00) Question 16 View Policies Current Attempt in Progress Natural resource depletion is most often a function of the expected economic life of the natural resource. the expected period over which the resource is expected to be exhausted. the units of natural resource extracted during the period. the number of years expected to be in operations, Save for Later Your grade has been recorded in the Gradebook. Thu, Apr 30, 2020, 2:43.47 PM (America/New York-04:00) Your grade has been recorded in the Grad Thu, Apr 30, 2020, 2:43:47 PM (America/New Yo Question 17 View Policies Current Attempt in Progress If a company incurs legal costs in successfully defending its patent, these costs are recorded by debiting Legal Expense. a Loss on Intangibles account. the Patent account an operating expenditure account. Save for Later Your grade has been recorded in the Gradebook. Thu, Apr 30, 2020,2:43:47 PM (America/New York-04:00) Question 18 View Policies Current Attempt in Progress Intangible assets are the rights and privileges that result from ownership of long-lived assets that many of which must be generated internally. are depreciable natural resources. have been exchanged at a gain. do not have physical substance. Save for Later Your grade has been recorded in the Gradebook Thu, Apr 30, 2020, 2:43:47 PM (America/New York 04.00) Question 19 View Policies Current Attempt in Progress The return on assets ratio is calculated by dividing: net sales by return on assets. average total assets by net sales. net sales by average total assets. profit by average total assets. Save for Later Your grade has been record Thu, Apr 30, 2020, 2:43:47 PM (Am Question 20 View Policies Current Attempt in Progress Natural resources are generally shown on the balance sheet under Intangible Assets. Investments. Property, Plant, and Equipment. Owner's Equity Save for Later Your grade has been Thu, Apr 30, 2020, 2:43:47 F