QUESTION 2 King Corporation owns machinery with a book value of $170,000. It is estimated that the machinery will generate future cash flows of SISS000. The machinery has a fair value of $120,000 King should recognize a loss on impairment of OS 0 $ 20,000 OS 50,000 d S 15,000 QUESTION 3 AJ Corp is constructing a building Construction began in 2017 and the building was completed 12/31/17. A made payments to the construction company of $6,000,000 on 71. $6,300,000 on 9/1, and 56,000,000 on 12/31. Weighted average accumulated expenditures were a S3,600,000 ob 56,600,000 c. $6.100,000 Od $5,100,000 QUESTION 4 Plano Company had January 1 inventory of $200,000 when it adopted dollar-value LIFO. During the year, purchases were $1,800,000 and sales were $3.000.000. December 31 inventory at year-end prices was $379,500, and the price index was 110. What is Plano Company's gross profit? 2 $1,595,500 b 51,579,500 251,640.500 Od $1359.500