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Test_2_CH_9_practice_test_questions_answers-1 - TEST 2...

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TEST 2 Practice Questions Chapter 9 Version 4 Diane Wright 1. Kevin Company recently purchased a truck. The price negotiated with the dealer was $100,000. Kevin also paid sales tax of $8,000 on the purchase, shipping and preparation costs of $6,000, and insurance for the first year of operation of $3,000. For the truck, what amount should be debited to the asset account vehicles? a. $109,000 b. $100,000 c. $114,000 d. $108,000 e. $106,000 2. If an expenditure is treated as a capital expenditure , instead of as a revenue expenditure, which of the following statements is true? 3. Lacrosse Inc., purchased an asset on January 1, 2010. Lacrosse chose the accelerated depreciation method to depreciate the asset. Had Lacrosse chosen the straight-line method
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