Answer:
The correct answer is "$54000".
Explanation:
According to the question,
Annual depreciation rate will be:
= 
= 
(%)
hence,
The depreciation as per double decline will be:
= 
By putting the values, we get
= 
= 
($)
Answer:
Dr Bonds payable 1,600,000
Dr Loss on redemption of bonds 36,800
Cr Cash 1,632,000
Cr Discount on bonds payable 4,800
Explanation:
Loss/gain on redemption of bonds = carrying value - cash paid = ($1,600,000 - $4,800) - $1,632,000 = $1,595,200 - $1,632,000 = -$36,800 loss
Financial statements include assets listed at historical costs. Hence, the assets are recorded at their historical cost.
<h3>What do you mean by historical costs?</h3>
The price paid when an asset was purchased is known as the historical cost. On a company's balance sheet, the majority of long-term assets are recorded at their historical cost.
One of the fundamental accounting principles outlined by generally accepted accounting principles is historical cost (GAAP). The use of historical cost is consistent with conservative accounting because it avoids overstating an asset's value.
Hence, Financial statements include assets listed at historical costs. Hence, the assets are recorded at their historical cost.
Learn more about historical costs:
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Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
The term ROP for U-Haul means Roll Over Protection which is a service that is offered for rental units of trailers.
