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An asset was purchased for $34,000 on January 1, 2016. The asset's estimated useful life was five years, and its residual value was $9,000. The straight-line method of depreciation was used. Calculate the gain or loss if the asset is sold for $28,000 on December 31, 2016, the last day of the accounting period. O A. $1,000 loss OB. $500 gain OC. $1,000 gain D. no gain or no loss Samco signed a 9-year note payable on January 1, 2016, of $585,000. The note requires annual principal payments each December 31 of $65,000 plus interest at 13%. The entry to record the annual payment on December 31, 2018, includes O A. a debit to Interest Expense for $59,150. OB. a credit to Notes Payable for $65,000 O c. a debit to Interest Expense for $76,050. OD. a credit to Cash of $141,050. Logan Park Antiques issued its 8%, 10-year bonds payable at a price of $139,140 (face value is $200,000). The company uses the straight-line amortization method for the bond discount or premium. Interest expense for each year is (Round your answer to the nearest whole dollar.) O A. $22,086. B. $9,914. O C. $16,000. OD. $11,131 Riverside Corporation has the following data: Net income $ 13,480 8,200 Preferred dividends Average common stockholders' equity 88,000 Riverside's rate of return on common stockholders' equity is O A. 61% OB. 6% OC. 25% OD. 15% The following information is from the December 31, 2017 balance sheet of Tudor Corporation Preferred Stock, $100 par Paid - In Capital in Excess of ParPreferred Common Stock, $1 par Paid - In Capital in Excess of Par-Common Retained Earnings Total Stockholders' Equity $330,000 25,000 132,000 396,000 88,900 $971,900 What was the total paid - in capital as of December 31, 2017? O A. $726,000 B. $883,000 C. $971,900 D. $858,000 Hobby Gas Station earned net income of $67,000 after deducting depreciation of $7,000 and all other expenses. Current assets decreased by $6,000, and current liabilities increased by $8,000. How much was Hobby Gas Station's cash provided by operating activities (indirect method)? A. $58,000 B. $88,000 c. $76,000 OD. $46,000

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