Wall Corporation exchanges old equipment for new equipment. The original cost of the old equipment was $100,000, and its accumulated depreciation at the date of exchange was $60,000. The new asset received had a fair value of $80,000 and a book value of $65,000. The journal entry to record this exchange will include which of the following entries? 1. Credit gain on exchange of asset $4000 2. Credit equipment $100,000 3. Debit accumulated depreciation $60,000 4. Debit equipment $80,000 5. Debit equipment $65,000 6. Credit equipment $80,000 7. Credit accumulated depreciation $60,000
Answers: 3
Business, 22.06.2019 00:00
Choose the list of the best uses for word processing software. lists, resumes, writing a book, and payroll data letters to your friends, resumes, spreadsheets, and school papers resumes, cover letters, databases, and crossword puzzles book reports, letters to your friends, resumes, and contracts
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Business, 22.06.2019 11:20
Camilo is a self-employed roofer. he reported a profit of $30,000 on his schedule c. he had other taxable income of $5,000. he paid $3,000 for hospitalization insurance. his self-employment tax was $4,656. he paid his former wife $4,000 in court-ordered alimony and $4,000 in child support. what is the amount camilo can deduct in arriving at adjusted gross income (agi)?
Answers: 2
Business, 22.06.2019 20:00
Later movers do not face: entrenched competitors. reduced uncertainty over technologies. high growth markets. lower market uncertainty.
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Business, 22.06.2019 20:20
Fractional reserve banking which of the following statements about fractional reserve banking are correct? check all that apply. fractional reserve banking allows banks to create money through the lending process. fractional reserve banking does not allow banks to hold excess reserves. fractional reserve banking allows banks to create additional wealth by lending some reserves. fractional reserve banking relies on everyone not withdrawing their money at the same time.
Answers: 2
Wall Corporation exchanges old equipment for new equipment. The original cost of the old equipment w...
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