Question 13 (1.5 points) On January 1 of 20Y1 a company purchased Equipment at a cost of $135,000. The Equipment is estimated to have a salvage value of $15,000 and useful life of 8 years and is depreciated using the straight line method. On July 1 2085, the equipment is sold for $60,000. The journal entry to record the sale of the Equipment will include a: Debit to Loss on Sale of Equipment for $30,000 Debit to Accumulated Depreciation for $67,500 Debit to Loss on Sale of Equipment for $15,000 Credit to Equipment for $67,500 Question 15 (1 point) A company purchased a machinery for $192,000. The machinery is estimated to have a useful life of 8 years and an estimated salvage value of $24,000 and is depreciated using the Double Declining Balance method. The Book Value of the machine at the beginning of the third year is: $118,500 $84,000 $108,000 $94,500 Question 17 (1 point) If an expenditure incurred subsequent to the acquisition of the asset, increases the productive capacity of the asset and increases it's useful life beyond the original estimate: It changes the depreciation expense recorded on the asset recorded in future periods The asset account is debited for the amount of the expenditure All of the statements listed are true The expenditure is not recorded as an expense on the current period's income statement but is deferred. Question 3 (1 point) The Depreciable Cost of an Asset is the: Cost of the Asset less its Residual Value Cost of the Asset Cost of the Asset plus its Salvage Value Cost of the Asset less the Accumulated Depreciation on the Asset