The following information was taken from Sheridan Company cash budget for the month June Beginning cash balance $58000 Cash receipts 78000 Cash disbursements 98000 If the company has a policy of maintaining an end of the month cash balance of $50000, the amount the company would have to borrow is $0. $30000. $12000 $20000 Equipment that cost $103000 and on which $67000 of accumulated depreciation has been recorded was disposed of for $43500 cash. The entry to record this event would include a loss of $7500 credit to the Equipment account for $38500 gain of $7500 credit to Accumulated Depreciation for $38500 Swifty Corporation purchased land for a new parking lot for $120000. The paving cost $175000 and the lights to illuminate the new parking area cost $65000. Which of the following statements is true with respect to these additions? $240000 should be debited to Land Improvements. $360000 should be debited to Land improvements. $295000 should be debited to the Land account. $360000 should be debited to the Land account. A company purchased factory equipment on June 1, 2017, for $142200. It is estimated that the equipment will have a $15000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2017, is $7420 $12720 $6360 $5300