The accounts in the ledger of Monroe Entertainment Co. are listed below. All accounts have normal balances. Accounts Payable $435 Fees Earned $2,447 Accounts Receivable 759 Insurance Expense 467 Prepaid Insurance 4,948 Land 1,589 Cash 725 Wages Expense 705 Drawing 343 Capital 6,654 Total assets are a. $3,607 b. $2,447 c. $8,021 d. $6,654 A machine with a cost of $61,300 has an estimated residual value of $3,637 and an estimated life of 5 years or 18,167 hours. What is the amount of depreciation for the second full year, using the double-declining-balance method? a. $14,712 b. $23,065 c. $24,520 d. $12,260 The journal entry to close Fees Earned, $827, and Rent Revenue, $219, accounts during the year-end closing process would be $1,046 $827 $219 $1,046 $1,046 a. Owner's Capital Fees Earned Rent Revenue b. Revenues Owner's Capital c. Fees Earned Rent Revenue Owner's Capital d. Owner's Capital Revenues $827 $219 $1,046 $1,046 $1,046