QUESTION 23 A company purchased 400 units for $35 each on January 31. It purchased 136 units for $40 each on February 28. It sold 200 units for $56 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system $8,000 $7,675 $7,325 $7,000 QUESTION 24 If bonds with a face value of $205,000 are issued at 110, the amount of cash proceeds is $186,364 $205,000 $225,390 $225,500 QUESTION 25 Rotan, Inc, purchased a van on January 1, 2018, for $850,000. Estimated life of the van was five years, and its estimated residual value was $4,000 Rotan uses the straight-line method of depreciation. At the beginning of 2020, the corporation revised the total estimated life of the asset from five years to seven years. The estimated residual value remained the same as estimated earlier. Calculate the depreciation expense for 2020. $75,600 $113,400 $64,800 $90.720