9.In a lease contract, the party who legally owns the asset is the
10.On December 31, Strike Company sold one of its batting cages for $26,540. The equipment had an original cost of $265,400 and has accumulated depreciation of $238,860. Depreciation has been recorded up to the end of the year. What is the amount of the gain or loss on this transaction?
a.Gain of $26,540
b.Gain of $477,720
c.no gain or loss
d.cannot be determined.
11.A new machine with a purchase price of $84,033, with transportation costs of $8,020, installation costs of $5,102, and special acquisition fees of $2,416, would have a cost basis of
12.Weber Company purchased a mining site for $638,292 on July 1. The company expects to mine ore for the next 10 years and anticipates that a total of 85,088 tons will be recovered. The estimated residual value of the property is $41,378. During the first year, the company extracted 6,829 tons of ore. The depletion expense is