On July 20, 2020, Kelli purchases office equipment at a cost of $24,000. Kelli elects out of bonus depreciation but makes the election to expense for 2020. She is self-employed as an attorney, and, in 2020, her business has a net income of $12,000 before considering this election to expense. Kelli has no other income or expenses for the year. What is the maximum amount that Kelli may deduct for 2020 under the election to expense, assuming she elects to expense the entire $24,000 purchase

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Outstanding stock consists of 8,300 shares of cumulative 7% preferred stock with a $10 par value and 4,300 shares of common stock with a $1 par value. during the first three years of operation, the corporation declared and paid the following total cash dividends. year dividend declared 2016 $ 0 2017 $ 7,300 2018 $ 45,000 the amount of dividends paid to preferred and common shareholders in 2018 is:

If the findings and the results are not presented properly, the research completed was a waste of time and money. true false