The interest accrued on $2, 160 at 6% for 60 days is (use 360 days for a year): A. $21.60 B. $316.00 C. $129.60 D. $216.00 E. $31.60 Depletion: A. It also called depreciation B. Is the process of allocating the cost of intangibles to periods in which they are consumed D. Is the process of allocating the cost of natural resources to periods in which they are consumed. D. Is an unrealized expense reported in equity. Unearned revenue is initially recognized with a: A. Credit to unearned revenue, B. Credit to revenue. C. Debit to revenue payable. D. Debit to revenue. E. Debit to unearned revenue. The book value of an asset is equal to the: A. Asset's market value less its historical cost. B. Asset's cost less accumulated depreciation. C. Replacement cost of the asset. D. Blue book value relied on by secondary markets. How should a company account for the amount of federal income taxes withheld from an employee's paycheck? A. As an expense on the income statement. B. As a liability on the balance sheet C. As equity on the balance sheet D. As an asset on the balance sheet E. As revenue on the income statement Which of the following is NOT considered an intangible asset? A. Goodwill B. A patent C. A franchise D. An oil well