Answer:
(a)-debit to accumulated depreciation of $40,000
(b)-debit to loss on impairment of $12,000
(c)-credit to assets of $52,000
Explanation:
There will be a debit to accumulated depreciation to the total of $40,000 to show the accumulated depreciation so far.
There will be a debit to loss on impairment of $12,000 because the net book value after depreciation is to be $60,000 yet an impairment loss was indicated that took this value to $48,000 so then the impairment loss must be 60,000 - 48,000 which is $12,000.
The assets will be credited to the tune of $52,000 as their balance needs to be reduced by the accumulated depreciation and the impairment loss.
Answer:
Present value of annuity P = $137,639.05 (Approx)
Explanation:
Given:
Amount withdraw A = $12,000
Number of year n = 20
Rate r = 6%
Find:
Present value of annuity P
Computation:
P = A[1-(1+r)⁻ⁿ]/r
P = 12,000[1-(1.06)⁻²⁰]/0.06
P = 12,000 x 11.46992122
P = 137,639.05 (Approx)
Present value of annuity P = $137,639.05 (Approx)
Answer:
not set aside the agreement based on the adequacy of the consideration.
Explanation:
<span>The organization that requires a 90-day supply of oil is the International Energy Agency (IEA). Each country in the organization must stock an amount of petroleum equivalent to this amount because of the organization's obligations.</span>
