ACCTSol93.pdf - 90 Award 1.00 point On January 1 2012...

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90. Award: 1.00 point 91. Award: 1.00 point On January 1, 2012 Silverstein Ltd. purchased a machine. The seller agreed that a total of $12,000 would be paid over a three-year period--$4,000 per year at the end of 2012, 2013, and 2014. At the time the machine was purchased, the market rate of interest was 8%. What amount should be debited to the asset account, Machinery, on the date of purchase? (round to the nearest dollar) $8,308 $9,308 $10,308 $11,308 Some other amount Shark Ltd. buys a building on April 1, 2010 for $600,000. The building will last for 40 years, but Shark expects to use the building for 25 years. At the end of 40 years the building will have no disposal value, but is expected to have a $100,000 disposal value at the end of 25 years. Shark uses the straight-line method of depreciation. The depreciation expense at for the year-ended December 31, 2010 is: $7,500 $9,375 $10,800 $11,200 None of the above
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