Which of the following statements is incorrect? A. Plant assets are long - lived tangible assets used in the operations of a business. B. Depreciation is recorded on all plant assets. C. The life cycle of a plant asset includes: acquisition, usage, and disposal. D. Plant assets not currently being used in business operations are classified as long - term investments. On January 1,2025 , Cowell Services issued $200,000 of 5% bonds that mature in ten years. The bonds were issued at 99. The journal entry to issue bonds would be: Gulfcoast, Inc. purchased a van on January 1,2025 , for $850,000. Estimated life of the van was five years, and its estimated residual value was $91,000. Gulfcoast Inc, uses the straight - line method of depreciation. Calculate the book value of the van at the end of 2025 . A. $759,000 B. $690,625 C. $698,200 D. $796,875 Pumpkin Corporation issued 8,000 shares of common stock on January 1,2024 . The stock has no par value and was issued at $20 per share. The joumal entry for this transaction includes a A. debit to Cash for $160,000 and a credit to Paid - In Capital in Excess of Par-Common for $160,000 B. debit to Cash for $160,000 and a credit to Common Stock-No-Par Value for $160,000 C. credit to Cash for $160,000, a debit to Paid - In Capital in Excess of Par-Common for $8,000, and a debit to Common Stock-No - Par Value for $152,000 D. credit to Cash for $160,000 and a debit to Common Stock - No - Par Value for $160,000