Question 2 1 pts Machine A Machine B Cost $82,000 $60,000 Purchase Date April 1, 2006 January 1, 2009 Useful Life 6 years 5 years Salvage Value $4,000 $2,000 Depreciation Method Straight-Line Double-Declining Balance Date Sold July 1, 2011 August 1, 2011 Sales Price $20,000 $12,000 The entry to record the sale of Machine B would include a: Debit to Loss for $20,960 Debit to Accumulated Depreciation for $43,440 Credit to Machine for $16,560 0 Credit to Accumulated Depreciation for $41,992 Debit to Loss for $28,008 Question 1 1 pts A company developed a new product during 2011, incurring $140,000 in research and development costs, $10,000 in legal fees, and $10,000 in application fees with the U.S. Patent Office. A patent for this product was granted on July 1, 2011 and is expected to have a useful life of 5 years and a legal life of 20 years. How much amortization expense will be reported on the statement for the year-ending December 31, 2011? $1,000 $16,000 $500 $4,000 $2,000