Question 28 5 pts Anderson Corp. acquired a machine on April 1, 2020. The following information relates to the purchase: Cost 20,000 Useful Life 5 years Residual value 2.000 Anderson uses the straight-line depreciation method. What is the balance in Accumulated Depreciation on December 31, 2021? $3,600 $6,300 $7,200 $7,000 Question 29 5 pts Cherry Company sold office furniture for $38,000 cash. The furniture cost $68,000 and had accumulated depreciation through the date of sale totaling $37,000. The company will recognize: a loss of $7,000. O again of $40,000. again of $7,000. a loss of $31,000. Question 30 5 pts Monthly sales are $480,000. Warranty costs are estimated at 4% of monthly sales. Warranties are honored with replacement products. $15,600 in defective products are returned during the month. At the end of the month, the company should record a journal entry with a credit to: O Warranty Expense for $15,600. Estimated Warranty Payable for $19,200. Estimated Warranty Expense for $15,600. O Inventory for $19,200. Question 31 5 pts Anderson, Corp. borrowed funds from Craft, Inc. on August 1, 2020. Details of the loan are below: Principal $12,000 Interest Rate 8% Term 1 year Anderson's accounting year ends on 12/31/20. Which of the following will be part of the adjusting entry on 12/31/20 for Anderson to record interest on this note? Credit Interest Payable, $400 Debit Cash, $320 Credit Interest Expense, $400 O Credit Interest Payable, $320