Qur5 Not yet answered Marked out of 150 P Flag question Sale of Plant Asset Raine Company has a machine that originally cost $80,000 Depreciation has been recorded for five years using the straight-line method, with a $8,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of five years, Raine sells the machine. Prepare the Journal entry to record the machine's sale for (Round to the nearest dollar) a 552,000 cash b. 540,000 cash c. $33,000 cash General Journal Description Date Debit Credit Accumulated Depreciation Equipment Gain on sale of Plant Assets To record sale of machine. Cash To record sale of machine Cash Accumulated Depreciation Equipment To record sale of machine. Question 6 Not yet answered Marked out of 1.00 P Flag question Amortization Expense For each of the following unrelated situations, calculate the annual amortization expense and prepare a journal entry to record the expense a. A patent with a 15-year remaining legal life was purchased for $224,000. The patent will be commercially exploitable for another eight years. bi A patent was acquired on a device designed by a production worker. Although the cost of the patent to date consisted of $36,900 in legal fees for handling the patent application the patent should be commercially valuable during its entire remaining legal life of 18 years and is currently worth 5378,000 A franchise granting exclusive distribution rights for a new solar water heater within a three-state area for four years was obtained at a cost of $67.500. Satisfactory sales performance over the four years permits renewal of the franchise for another four years (at an additional cost determined at renewal) General Journal Description Ref. Deble Credit a To record patent amortization b To record patent amortization To record franchise amortization eBook Print Question 7 Not yet answered Marked out of 1.00 P Flak question Return on Assets Ratio and Asset Turnover Ratio Campo Systems reported the following financial data (in Millions) in its annual report 2015 2016 Net Income $8,052 56,134 Net Sales 39,540 36,117 Total Assets 58,734 68,128 Support If the company's total assets are $55,676 in 2014, calculate the company's (a) return on assets (round to one decimal point) and (b) asset tumover for 2015 and 2016 (round to two decimal points) 2015 2016 . Return on Assets Ratio b. Asset Turnover Ratio Previous Save Answers Next