Which of the following is the term that represents the company's estimated value of a fixed asset at any point in time? Gross Realizable Value Net Book Value Depreciation Cost Which of the following correctly labels the expense associated with the following fixed assets: (1) Intangible Assets (2) Natural Resources (3) Property, Plant and Equipment (1) Depreciation: (2) Amortization; (3) Depletion (1) Depletion (2) Amortization: (3) Depreciation (1) Depreciation: (2) Depletion; (3) Amortization (1) Amortization: (2) Depletion: (3) Depreciation When a company purchases a fixed asset, what do they record in the asset account? The expected salvage value of the asset. Any normal repair expenditures to keep the asset in working order in addition to the purchase price Only the price paid to purchase the asset All costs reasonable and necessary to acquire the asset and prepare it for use If a company has a warranty provision of 3% of total sales, which of the following would occur when warranty work is performed? Increase to cash Increase to warranty expense Decrease to sales revenue Decrease to estimated warranty liability Which of the following is the proper formula for calculating again or loss on the sale of a fixed asset? Gain/(Loss) = Proceeds - Accumulated Depreciation Gain/(Loss) - Proceeds. Net Book Value Gain/(Loss) - Proceeds: Depreciation Expense Gain/(Loss) - Proceeds - Cost If a company has a warranty provision of 3% of total sales, which of the following would occur at the time of estimation? Reduce cash and the estimated warranty liability accounts Recognize nothing because it is unlikely that any warranty claims will occur Recognize the warranty expense and the estimated warranty liability Recognize nothing until the warranty work is performed