Question 5 (0.5 points) Folder Inc. purchased equipment on the first day of the year for $160,000 with an estimated useful life of 1 years and no salvage (residual) value. Assuming straight-line depreciation, what is the amount to be reported as an expense related to this asset in the INCOME STATEMENT for the first year? Enter your response as a whole number, no commas, no dollar signs. Your Answer: Answer Question 7 (0.5 points) Maple Co. provides for bad debts expense at the rate of 5.74% of ending Accounts Receivable. On Jan 1, 20X1, the Allowance for Bad Debts was $15,000. There were $16,000 of accounts written off during the year. Credit sales for the year were $705,000. Ending Accounts Receivable was $105,000. What is the balance in the Allowance for Bad Debts account? Enter your response as a whole number, no commas and no dollar signs. Your