Question 3 (5 points) Henry Inc. reported the following information on its Balance Sheet for 2014 and 2020: 12/31/2020 $115,000 ($12,000) $ 103,000 12/31/2019 $80,000 ($10,000) $70,000 Equipment Less: Accumulated Depreciation Net Book Value In 2020, Henry purchased a new piece of equipment for $47,000 and sold some old equipment. What was the historical cost of the equipment sold? $12,000 $24,000 $35,000 $20,000 115 points) uestion 4 (5 points) Lauren owns a pizza shop that specializes in gluten free pizza. She purchases a pizza oven on 1/1/2020 for $80,000. The oven has a useful life of 7 years with a $10,000 salvage value. The company uses straight line method. What gain or oss would she record if she sells the oven after using it for two years on 2/31/2021 for $40,000? $40,000 gain $20,000 gain $20,000 loss $10,000 gain intol * tion 5 (5 points) 1/1/20, Apex Corporation had a balance of $420,000 in Accounts eivable and $24,000 in Allowance for Doubtful Accounts. The following sactions occurred in 2020: On 3/8/20, one of Apex's customers who owed Apex $15,000 went krupt. Apex decided to write off the amount. pex provided consulting services for a total of $300,000. All sales are e on credit. On 12/31/20, Apex Corporation decides that it will likely not be able to ct 1% of its credit sales made in 2020. pex collected $350,000 during 2020 from customers. ch of the following is TRUE? pex recognized a Bad Debt Expense of $15,000 on 3/8/20. -pex had Net Accounts Receivable of $330,000 at the beginning of 2020. pex had Net Accounts Receivable of $385,000 at the end of 2020. pex had Net Accounts Receivable of $343,000 at the end of 2020