Reference no: EM132544453

Jay Corporation reported the following account balances at December 31, 2023:

Interest Revenue $48,000
Notes Payable $55,000
Depreciation Expense $10,000
Common Stock $82,000
Wage Expense $16,000
Equipment $27,000
Patent $51,000
Income Tax Expense $12,000
Accounts Receivable $58,000
Cost of Goods Sold $63,000
Loss on Sale of Land $18,000
Retained Earnings $75,000 (at January 1, 2023)
Trademark $13,000
Accumulated Depreciation $15,000
Cash $39,000
Accounts Payable $45,000
Inventory $69,000
Dividends $11,000
Sales Revenue $96,000
Supplies $29,000

Question 1: The total long term assets reported by Jay Corporation at December 31, 2023 was equal to:

Group of answer choices

Option 1: $76,000

Option 2: $69,000

Option 3: $105,000

Option 4: $12,000

Option 5: $91,000

Option 6: $106,000

Option 7: none of the above are correct