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A company sells a plant asset that originally cost $300,000 for $100,000 on December 31, 2012. The accumulated depreciation account had a balance of $120,000 after the current year's depreciation of $30,000 had been recorded. The company should recognize a

	$80,000 gain on disposal.
	$200,000 loss on disposal.
	$50,000 loss on disposal.
	$80,000 loss on disposal.

Ramos Company has a 90-day note that carries an annual interest rate of 8%. If the amount of the total interest on the note is equal to $800, then what is the principal of the note?

	$25,600
	$40,000
	$10,000
	$57,600

The bookkeeper recorded the following journal entry

Allowance for Doubtful Accounts 1,000

Accounts Receivable ? Richard James 1,000

Which one of the following statements is false

	The Allowance for Doubtful Accounts as a normal credit balance.
	There is no change in net income.
	James' account was written off because it was determined to be uncollectible.
	This entry was prepared on the last day of the accounting period.