If Labor, Inc. uses the composite method and its composite rate is 7.5 % per year, what entry should it make when plant assets that originally cost $ 80,000 and have been used for 10 years are sold for $ 24,000? Multiple Choice Question 102 Porter Resources Company acquired a tract of land containing an extractable natural resource. Porter is required by its purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 2,000,000 tons, and that the land will have a value of $ 1,000,000 after restoration. Relevant cost information follows: Multiple Choice Question 110 In 2014, shop reported net income of $ 5.7 billion, net sales of $ 175 billion, and average total assets of $ 70 billion. What is Bargain shop ' s return on total assets? Multiple Choice Question 106 In 2006, Jarrett Company purchased a tract of land as a possible future plant site. In January, 2014, valuable sulphur deposits were discovered on adjoining property and Jarrett Company immediately began explorations on its property. In December, 2014, after incurring $ 800,000 in exploration costs, which were accumulated in an expense account, Jarrett discovered sulphur deposits appraised at $ 4,500,000 more than the value of the land. To record the discovery of the deposits, Jarrett should Multiple Choice Question 66 Grover Corporation purchased a truck at the beginning of 2014 for $ 93,600. The truck is estimated to have a salvage value of $ 3,600 and a useful life of 120,000 miles. It was driven 21,000 miles in 2014 and 29,000 miles in 2015. What is the depreciation expense for 2015? Multiple Choice Question 70 Halltown Company purchased a depreciable asset for $ 450,000. The estimated salvage value is $ 30,000, and the estimated useful life is 8 years. The double-declining balance method will be used for depreciation. What is the depreciation expense for the second year on this asset? Multiple Choice Question 78