Presented below is information related to equipment owned by Novak Company at December 31, 2020. Cost $11,250,000
Accumulated depreciation to date 1,250,000
Expected future net cash flows 8,750,000
Fair value 6,000,000

Assume that Novak will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years.

Required:
Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.

Uppose the book-printing industry is competitive and begins in a long-run equilibrium. then hi-tech printing company invents a new process that sharply reduces the cost of printing books. suppose hi-tech's patent prevents other firms from using the new technology. which of the following statements are true about what happens in the short run? check all that apply. hi-tech's average-total-cost curve shifts downward. hi-tech's profits increase. the price of books remains the same. hi-tech's marginal-cost curve remains the same.

In the supply-and-demand schedule shown above, at the lowest price of $50, producers supply music players and consumers demand music players.

mary's baskets company expects to manufacture and sell 30,000 baskets in 2019 for $5 each. there are 4,000 baskets in beginning finished goods inventory with target ending inventory of 4,000 baskets. the company keeps no work-in-process inventory. what amount of sales revenue will be reported on the 2019 budgeted income statement?