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Cathy Company purchased a machine on January 1, 2021. Cathy signed a note which required a $25,000 cash payment immediately (on 1/1/2021), and 10,000 at the end of every year for the next four years (on 12/31/2021; 12/31/2022; 12/31/2023; and 12/31/2024). Assume a compound interest rate of 12%. Period Present Value of $1 at 12% Present Value of $1 Annuity at 12% 1 0.89 0.89 2 0.80 1.69 3 0.71 2.40 4 0.64 3.04 On January 1, 2021, this machine should be recorded at a cost of: $65,000 $55,400 $25,000 $31,400 $80,400 Cathy Company had an in increase in its quality of income ratio (net cash from operating activities + net income). Which of the following transactions could have caused the increase? Borrowed cash from bank. O Performed services on account. O Purchased supplies on account. O Used supplies that were purchased and paid for in another period. Cathy Company acquired a machine to use in its computer chip manufacturing operations on January 1, 2018. Due to the rapid rate of technological change in the industry, at the beginning of 2021, Cathy tested the machine for an impairment loss. The following data relate to this machine: Cost: $40 million Accumulated depreciation at the beginning of 2021: $25 million Fair market value at the beginning of 2021: $9.5 million Estimated sum of undiscounted future net cash inflows to be generated through use of the machine for the remaining years of its life: $11 million After the impairment test, the machine should be reported at a net amount of: $40 million. $15 million $11 million O $9.5 million