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Unit 3 - Accounting

QuestionAnswer
The exclusive right to reproduce and sell an artistic or published work is called a copyright
The cost of a factory machine includes all of the following costs except three-year insurance policy on the machine
An asset that cost $80,000 and has accumulated depreciation of $60,000 is sold for $12,000. The journal entry would include a debit to Loss on Disposal of Plant Assets for $8,000
A company decides to exchange old equipment with a book value of $81,000, plus $129,000 cash for new equipment. The fair market value of the old equipment is $90,000. The entry to record the new equipment would include a debit to Equipment (new) for $219,000
On January 1, a machine with a useful life of 5 years and a salvage value of $8,000 was purchased for $160,000. What is the depreciation expense in year 2 under the double declining-balance method? $38,400
The total cost of borrowing on a 10-year, 9%, $1,000 bond that sold for $960 is $940
When the effective-interest method is used, the interest expense for the period is calculated by multiplying the C) carrying value of the bonds at the beginning of the period by the effective-interest rate.
If bonds payable are issued at a discount, the contractual interest rate is lower than the market rate of interest.
The account Unearned Subscription Revenue is a current liability.
A $2,000,000 bond issue with a carrying value of $2,080,000 is called at 103 and retired. Which of the following is true? A gain of $20,000 is recorded.
Created by: jalensnowbarger