Question 37 if the case of commercial substances, one of the following accounts recorded in the credit: Not yet answered Marked out of 1.00 Select one: O a. The used assets b. the gain O c. all of the above mentioned P Flag question d. cash Question 38 if the book value, fair value of the used Truck are $50, and $30 respectively. Therefore, there is Not yet answered Marked out of 1.00 Select one: a. None of the above mentioned b. accumulated depreciation of used Truck C. Gain on disposal of used Truck d. loss on disposal of used Truck P Flag question Question 39 Not yet answered Lee Company received an HK$1,800,000 subsidy from the government to purchase manufacturing equipment on January, 2, 2015. The equipment has a cost of HK$3,000,000, a useful life a six years, and no salvage value. Lee depreciates the equipment on a straight-line basis. If Lee chooses to account for the grant as deferred revenue, the grant revenue recognized will be: Marked out of 1.00 P Flag question Select one: a. SHK1,800,000 in 2015. b. Zero in the first year of the grant's life. C. HK$300,000 per year for the years 2015-2020. d. HK$500,000 per year for the years 2015-2020, Question 40 Not yet answered Jamar Company purchased a depreciable asset for $150,000. The estimated residual value is $10,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset? Marked out of 1.00 Select one: O a. $17,500 O b. $26,250 p Flag question c. $37,500 o d. $28,125