TI Miupic How is a long-term asset's current book value calculated? A. B. C. D. -1. The asset's cost, less accumulated depreciation. Adding all long-term asset balances together. Summing all depreciation expense. All of the above. The useful life of a plant asset is: A. B. C. D. 2. The length of time it is productively used in a company's operations. Never related to its physical life. Its productive life, but not to exceed one year. Determined by IASB. 3. The recent purchase of a new machine by the Humbolt Co. involved the following dollar amounts: $600,000 Gross purchase price Purchased discount taken Sales tax Freight to move machine to plant Assembly costs Cost of foundation for machine Cost of repairs made to machine (21,000) 39,000 3,500 3,000 2,500 after two weeks of use 4,200 The amount to be recorded as the cost of the machine is: A. $618,000. $621,500. C. $627,000. D. $631,200. 4, On January 1, 2016, Harlan Company accepted a $20,000 on a 180 day, 5% Note Receivable. How n interest revenue will Harlan Company receive at the maturity date? A. $500 B. $225 C. $1,000 D. $0