Show Timer Question Completion Status: QUESTION 2 XYZ Inc made a lump sum purchase of a building, land, and equipment for a total of $1,000. The market values of these assets are $500 for the building. $400 for the land, and $300 for the equipment. Which of the following amounts would the equipment be recorded at? $1,250 $250 $333 $400 QUESTION 3 ABC Co. sold a building on 1/1/20 for $50,000. The asset had an original cost of $100,000 and an Accumulated Depreciation balance of $40,000 on 1/1/20 Depreciation for this asset is already up to date was this asset sold for a gain or a loss? Loss, $50,000 Gain, 550,000 Gain, $10,000 Loss, $10,000 ALECTION A QUESTION 4 5 points ABC Co. sold a building on 1/1/20 for $50,000. The asset had an original cost of $100,000 and an Accumulated Depreciation balance of $40,000 on 1/1/20 Depreciation was last updated for this asset on 12/31/19. Which of the following accounts would be credited in the journal entry for this sale? Buildings Cash Accumulated Depreciation Accounts Receivable S points QUESTION 5 MNO, Inc. purchased a piece of equipment on July 4, 2020 for $15,000. The estimated useful life of this asset was 3 years with a salvage value of $0. Calculate straight line depreciation expense for year 1 for this asset. $5,000 $15,000 $2,500 50 QUESTION 6 Hij Ltd. purchased a piece of equipment on January 1, 2020 for $15,000. The estimated units that this asset will produce over its lifetime is 30,000 and its expected salvage value is $0. Year 1 units produced is 8.000. Calculate units of production depreciation expense for year 1 for this asset $2,000 $16,000 $8,000 $4,000 QUESTION 7 TUV LLC made significant repairs to a building which extended the useful life of the building by 5 years. The total cost of these repairs was $50,000, which of the following would be debited in the journal entry to record these repairs Buildings Repairs Expense Cost of Goods Sold Cash Question Completion Status: QUESTIONS DEF Inc. sells a vehicle at a gain of $2,000. The balances in the vehicle and accumulated depreciation accounts at the time of sale were $8,000 and $1,000, respectively. How much cash did the company receive for this vehicle? $8,000 $9.000 $4,000 $2,000 QUESTION 9 NOP Inc. purchased a gold mine at a cost of $1,000,000. The company expects to mine 100.000 tons of gold from this mine over the course of its life and the expected salvage value is $0. How much depletion expense would Cooper inc record in year 1 if it mines 7,500 tons of gold? $750 $7,500 $75,000 $750,000 5 points QUESTION 10 An asset has a cost of $90,000, a useful life of 5 years, and an expected salvage value of $5.000. Calculate the depreciation expense for this asset recorded in year 2 under the double declining balance method $21,600 $17,000 $36,000 55,664