9. A company sold a delivery truck with a historical cost of $60,000 and accumulated depreciation of $45,000 for $20,000. What is the gain or loss on the sale? 

7. Costs capitalized for a self-constructed asset typically include: 

2. Accounting for payroll is more complex than other liabilities because: 

Stock Transactions Intel Corporation issued 50,000 shares of $1 par common stock at $30 per share. Later in the year, the company repurchased 10,000 of those shares at $35 each. a. Prepare the journal entries for both the issuance and repurchase of the stock. b. How do these transactions affect the company’s equity accounts? c. Explain a financial reason a company might repurchase its stock.

Leases Delta Airlines signs a finance lease for new aircraft valued at $120 million. The lease requires equal annual payments for 10 years, with the first payment due at year-end. The interest rate is 6%. a. Explain how Delta should initially record the lease under current accounting standards. b. Why might a company prefer a finance lease instead of purchasing the asset outright? c. Identify and explain how Delta’s first year of lease activity would impact both the income statement (specific expenses) and balance sheet (assets and liabilities).

4. A dividend becomes a legal liability of a corporation on the: 

1. After a record quarter, Apple Inc. repurchases 20,000 of its own shares at $50 per share. What is the most likely financial motivation for this action? 

12. Which of the following best describes a mortgage payable?

14. Which of the following would be deducted from net income when using the indirect method? 

Norepinephrine is an important neurotransmitter. Classify the amine in norepinephrine.