Which of the following would be d A) Patonton and extraction process B) Landheld as an investment C) Timber purchased by a lumber yard D) Diamond mine E) Goodwill ied as an son of the cost of an inte pible asset to expense over to expense the cost of a plant asset to the acco Amortization is: A) The systematic allocation of the cost of an 3) The process of allocating to expense the from its use. C) The process of allocating the cost of natural reso D) An accelerated form of expensing an asset's cost E) Also called depletion. depreciated using the straight-line method art company purchases a machine the beginning of the $5,000 salvage value. The book value of the machine at A) $13.750. B) $55,000 C) $30,000 D) $5,000. E) $0. natural resources to periods when they are consen neverits estimated usefutte to the United o rd Method. The machines the year at a cost of $60.000. The machine is fulles estimated to be achine at the end of year 4 is: isostima is estimated to be 4 years with a When a company is obligated for sales tak A) Estimated liability. B) Contingent liability. C) Current liability. D) Business expense. E) Long-term liability. sales taxes payable it is reported as an ccounting records of a defendant, lawsuits In the accounting record A) Are estimated liabilities. B) Should always be recorded. C) Should always be disclosed. D) Should be recorded if payme estimated. E) Should never be recorded. Payment for damages is probable and the amount can be reasonably On November 1, Alan Con is the adjusting entry" A) No adjusting Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What 18 entry for the accrued interest at December 31 on the note? (Use 360 days a year.) "O adjusting entry is required. B) Debit interest pay C) Debit interest nterest payable, $120; credit interest expense, $120. ut Interest Expense, $120; credit interest Payable, $120. Debit Interest Expense, $720; credit Interest Payable, $720. Debit Interest Payable, $240; credit Interest Expense, $240