wich of the following costs are reported on a company's income statement and Plant Assets, Natural Resources, and intangibles 419 07-60. Which od palance sheet? Income statement a. Cost of goods sold b. Accumulated deprecation c. Gain on sale of land d. Goodwill Balance sheet Accumulated depreciation Land Cost of goods sold Accounts payable following information to answer questions 7-61 through 7-62. any purchased a machine for $9,800 on January 1, 2016. The machine has been using the straight-line method assuming it has a five-year life with a $1.400 lue Taylor sold the machine on January 1. 2018 for $7.600 [se the following Taylor Company depreciated usine residual value, 07-61. Whar a. $2.100 h. $6,440 What is the book value of the machine on December 31, 2017 c. 58.400 d. $9.800 What gain or loss should Taylor record on the sale? c. Loss, 5520 d. Gain, S1,160 A. A company purchased mineral assets holding approximately 240.000 tons of one for 000.000. The estimated residual value of the assets is zero. During the first year, 40,000 tons extracted and sold. What is the amount of depletion for the first year? c. $240,000 d. Cannot be determined from the data given . Gain, $800 h. Loss, S1,160 a. $10,000 b. $160,000 0.64. Suppose Speedy Delivery pays $62 million to buy Lone Star Overnight. The fair value of Lone Star's assets is $80 million, and the fair value of its liabilities is $24 million. How much goodwill did Speedy Delivery purchase in its acquisition of Lone Star Overnight? a. $42 million c. $38 million b. $24 million d. $6 million 07-65. Harlem, Inc., was reviewing its assets for impairment at the end of the current year. Information about one of its assets is as follows: Net book value....................... Estimated future cash flows....... Fair (market) value ................. $ 1,300,000 1,050,000 $ 1,025,000 Harlem should report an impairment loss for the current year of a. $275,000 c. SO. b. $25,000 d. $250,000 -66. Text World Inc., reported sales revenue of $450,000, net income of $54,000, and average total assets of $360,000. Text World's return on assets is a. 12.0%. d. 80.0%. b. 1.25% c. 15.0SE