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49. Yanik Company's delivery truck, which originally cost $56,000, was destroyed by fire. At the time of the fire, the balance of the Accumulated Depreciation account amounted to $38,000. The company received $32,000 reimbursement from its insurance company. The gain or loss as a result of the fire A) S14,000 loss. B) $14,000 gain. C) $24,000 loss. D) $24,000 gain. revenue section of the income statement. was 50. If a merchandising company sells land at more than its cost, the gain should be reported in the sales A) True B) False 51. Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are S 300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A) Bad Debts Expense B) C) D) Bad Debts Expense Bad Debts Expense Bad Debts Expense Accounts Receivable Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts Receivable 12,000 12,000 15,000 12,000 12,000 15,000 52. The custodian of a company asset should A) B) C) D) be an accountant. not have access to the accounting records for that asset. have access to the accounting records for that asset. be someone outside the company. 53. A factory machine was purchased for $90,000 on January 1, 2011. It was estimated that it would have a $18,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2011. If the company uses the units-of-activity method of depreciation, the amount of depreciation expense for 2011 would be A) $14,400. B) $7,200. C) $9,000. D) $18,000