Answer:
d.) $38,000
Explanation:
Given that
Acquired value of the plant = $190,000
Recovery period = 5 years
So according to section 179, the total deduction is limit to the 1 by 5 i.e useful life or recovery period of acquired price or purchase price
So, the amount is
= Acquired value of the plant ÷ recovery period
= $190,000 ÷ 5 years
= $38,000
By dividing the acquired value with the recovery period we can get the maximum deduction
The answer from the given options is "d. the world experienced little to no growth until the industrial revolution, after which some economies began to experience real economic growth".
Economic growth refers to the expansion in the inflation balanced market estimation of the merchandise and ventures delivered by an economy after some time. It is expectedly estimated as the percent rate of increment in real gross domestic output, or genuine GDP.
Complete Question:
Accounting for an Operating Lease) On January 1, 2020, a machine was purchased for $900,000 by Young Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to St. Leger Inc. for 3 years on January 1, 2020, with annual rent payments of $150,955 due at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the lease term of $562,500, though this amount is unguaranteed.
Instructions
a. Record the journal entries St. Leger would record for 2020 on this lease, assuming its incremental borrowing rate is 6% and the rate implicit in the lease is unknown.
b. Suppose the lease was only for one year (only one payment of the same amount at commencement of the lease), with a renewal option at market rates at the end of the lease, and St. Leger elects to use the short-term lease exception. Record the journal entries St. Leger would record for 2020 on this lease.
Answer:
Attached file is the is a detail preparation in excel format
Answer: C - Valuation & Allocation
Explanation: Auditors review of a company's shipping documents & invoices is to ascertain the correctness of the figures in the financial statement.
Auditors will have to value the transaction using the invoices and other documents available for the transaction and to to verify that the costs are allocated correctly.