Response to the following questions:
1. Horizon Co. owns equipment that cost $138,750, with accumulated depreciation of $81,000. Horizon sells the equipment for cash. Record the sale of the equipment assuming Horizon sells the equipment for (1) $63,000 cash, (2) $57,750 cash, and (3) $46,500 cash.
2. Which of the following assets are reported on the balance sheet as intangible assets? Which are reported as natural resources? (a) timberland, (b) patent, (c) leasehold, (d) Oil well, (e) equipment, ( f) copyright, (g) franchise, (h) gold mine.