Valtrex Inc. sells a major plant asset. Depreciation expense should be recorded through the date of sale. The book value of the asset should be credited to the asset account. A loss should be recognized, but not a gain, if depreciation expense was taken on the asset before the asset was sold. No gain should be recognized if depreciation expense was taken on the asset before the asset was sold. Patents are amortized over a period: of one year - that is, patents are expensed immediately. of 40 years or less, greater than 40 years. of 20 years or less. Which of the following is the method that is used when one company owns 20% to 50% of the shares of another company? Market value method Equity method Consolidation method Amortized method Tomas Company trades in a printing press for a newer model. The cost of the old printing press was $61, 500, and accumulated depreciation up to the date of the trade-in amounted to $38, new printing press will require a debit to Equipment for: $64, 700. $102, 700. $61, 500. $41, 200. Maxco Company acquired land and buildings for $1,000,000. The land is appraised at $450,000 and the buildings are appraised at $800,000. The debits to the Land and Buildings accounts Land $562, 500; Building $437, 500. Land $450,000; Building $800,000. Land $500,000; Building $500,000. Land $360,000; Building $640,000