Answer:
$100,000 loss on disposal
Explanation:
The current value (V) of the plant asset is the original $375,000 subtracted by the accumulated depreciation until the end of the current year, $150,000:
The gain or loss from this transaction is measured by the amount received in cash subtracted by the current value of the plant asset:
Therefore, the company should recognize a $100,000 loss on disposal.
Answer:
D. Greater than 20% of the voting stock or of the fair value of the investee
Explanation:
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<span>The debit would go to unearned revenue and there would be an accompanying credit to service revenue. In this manner, the service revenue (the money made from the services provided, shown here by the payment of the gift certificates) would receive a $1000 addition while the unearned revenue would drop by $1000 because the outstanding gift cards were spent, lowering the total amount of revenue earned that was still outstanding in those cards.</span>
Answer:
See explanation section.
Explanation:
Income summary Debit = $49,800
Expenses Credit = $49,800
To record the closing entry for expenses. We have to close expenses because it is a temporary account. So when we close any debit entries such as expense accounts, we have to credit those expense accounts so that the accounts have zero(0) balance.