SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 13) On January 1, 2020, Essa Manufacturing Company purchased a machine for $75,000. The 13) company expects to use the machine over the next 8 years. The estimated salvage value of the machine at the end of 8 years is $5,000. A) What is the depreciation expense and book value of the machine after five years, using the straight-line method of depreciation? (3 marks) B) What is the depreciation expense and book value of the machine after two years, using the double-declining-balance depreciation method? (4 marks) 14 14) An asset was purchased for $32,000. The asset's estimated useful life was 8 years, and its residual value was $4,000. Straight-line depreciation was used. A) How much gain or loss is reported if the asset is sold for $15,000 at the end of the fifth year? (3 marks) B) What is the entry to record the sale of the asset? (2 marks) 15 15) Fiza Dog Company had the following balances and transactions during 2020: Beginning Merchandise Inventory March 10 June 10 October 30 100 units at $100 Sold 75 units Purchased 150 units at $120 Sold 155 units What would the company's ending merchandise inventory and cost of goods sold amounts be on December 31, 2020 if the perpetual last-in, first-out and periodic first-in, first-out costing methods are used? (10 marks) 16) A corporation declares a dividend of $.75 per share on 12,500 shares of common stock. What would be the entry to record the declaration? (2 marks)