Question 22 (3 points) Victor Company purchased a patent for $200,000 at the beginning of 2009, and estimated that its expected useful life was 10 years. The patent has a legal life of 17 years. What amount should be recorded as amortization expense for the patent in 2009? O $ - $ 7,000 $10,000 $20,000 Question 23 (3 points) On January 1, 2009, James Company sold a machine for $13,000 that it had used for several years. The machine cost $21,000, and had accumulated depreciation of $9,000 at the time of sale. What gain or loss will be reported on the income statement for the sale of the machine? Gain of $13,000 Loss of $8,000 Loss of $1,000 Gain of $1,000 Question 24 (3 points) Shiphen, Inc. has a weekly payroll of $10,000 for its employees who work Monday through Friday. Federal and state income taxes are withheld in the amounts of $1,700 and $400, respectively, and FICA taxes are withheld at a mandatory rate of 7.65% (6.2% for Social Security and 1.45% for Medicare). In addition, the federal and state unemployment taxes are applied at rates of 2% and 5%, respectively. Refer to the information for Shiphen, Inc. When Shiphen's journal entry is recorded for the issuance of employees' paychecks, Wage Expense will be debited for and Cash will be credited for $10,000; $6,435 $10,000; $7,135 O $10,000; $10,000 $7,135; $6,435