The balance sheet of Hidden Valley Farms reports total assets of $845,000 and $965,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is Hidden Valley's net income for the year? Multiple Choice $9,650,000 $9,050,000 $90,500 $96,500. A company purchased new equipment for $43,000. The company paid cash for the equipment. Other costs associated with the equipment were: transportation costs, $2,400; sales tax paid $2,300; and installation cost, $1,600. The cost recorded for the equipment was: Multiple Choice $43,000. $47,700 $45,400 $49,300 Lake Incorporated purchased all of the outstanding stock of Huron Company, paying $1,010,000 cash. Lake assumed all of the liabilities. Book values and fair values of acquired assets and liabilities were Current assets (net) Property, plant, equip. (net) Liabilities Book Value Fair Value $195,000 $135,000 610,000 785,000 275,000 275,000 Lake would record goodwill of Multiple Choice $480,000 $392,000 $365,000. Kansas Enterprises purchased equipment for $77,500 on January 1, 2021. The equipment is expected to have a five-year service life, with a residual value of $8,850 at the end of five years. Using the straight-line method, depreciation expense for 2021 would be: Multiple Choice $13,730 $17,270 $31,000 $15,500 A building was purchased for $69,000. The asset has an expected useful life of eight years and depreciation expense each year is $4,000 using the straight-line method. What is the residual value of the building? Multiple Choice 13,625 $8,625 $0. $37,000 A company purchased a computer system at a cost of $33,000. The estimated useful life is 6 years, and the estimated residual value is $7000. Assuming the company uses the double- declining-balance method, what is the depreciation expense for the second year? (Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.) Multiple Choice $8,833 $11,000. $7,333. $9,583