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3 years ago

Duress is a possible ground for rescission of a contract. a. true b. fals

Business

1 answer:

WARRIOR [948]3 years ago

5 0

False

Duress is used to enforce a contract, not for the rescission of a contract.

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On December 31, 2019, Spearmint, Inc., issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. Prepare the necessary jo

Sophie [7]

Answer:

Dr Cash for $461,795,

Cr Premium on Bonds Payable for $11,795

Cr Bonds Payable for $450,000

Explanation:

Journal entries

Dr Cash for $461,795,

Cr Premium on Bonds Payable for $11,795

Cr Bonds Payable for $450,000

(Issue price of $461,795 - par value of $450,000) =$11,795

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3 years ago

Read 2 more answers

In 1885, first-class postage for a one-ounce letter cost $0.02. The same postage in 2015 costs $0.49. What compounded annual

geniusboy [140]

Answer:

2.49%

Explanation:

The period 't' between 2015 and 1885 is:

$t = 2015 -1885 = 130\ years$

The annual rate 'r' at which the original $0.02 value has been compounded over 130 years to reach a value of $0.49 is determined by:

$0.49 = 0.02*(1+r)^{130}\\r=\sqrt[130]{24.5}-1\\ r=0.0249 = 2.49\%$

The cost of first-class postage has experienced an annual increase of 2.49% over this period.

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3 years ago

The country of Alcazar has been growing at an impressive pace for the last five years. With improvements in technology, many in

velikii [3]

Answer:

A. The aggregate supply curve in Alcazar has shifted outward.

Explanation:

As the economy has increased impressively and that the production has outgrown with the use of new technology, and therefore, with huge production there is huge supply and accordingly both shall agree on the same.

As Lucas states that there is high production because of technology, and there is high supply, but it eliminates job as with use of technology involvement of labor decreases.

Toby Hartman also agrees with the same as with high economic growth there is high productivity and accordingly high supply.

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3 years ago

When Padgett Properties LLC was formed, Nova contributed land (value of $340,500 and basis of $85,125) and $170,250 cash, and Os

max2010maxim [7]

Answer:

See the explanation below:

Explanation:

a. How is the land recorded for § 704(b) book capital account purposes? For § 704

Debit cash with $170,250

Debit land with $340,500

Credit Nova's Capital account with $510,750

b. What is Padgett's tax basis in the land?

Padgett's tax basis in the land is $85,125 that is carried over.

c. If Padgett sells the land several years later for $510,750, how much tax gain will Nova and Oscar report?

Built in gain = $340,500 - $85,125 = $255,375

Gain from sale = $510,750 - $340,500 = $170,250

Share of gain from sale = $170,250 * 50% = $85,125

Gain to report by Nova = Built in gain + Share of gain from sale = $255,375 + $85,125 = $340,500

Gain to report by Oscar = Share of gain from sale = $170,250 * 50% = $85,125

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3 years ago

Assume that during May, a company sold a product for $160,000 that includes a 36-month warranty. Historically, the average cost

Stels [109]

A. Debit; product warranty expense

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2 years ago

Duress is a possible ground for rescission of a contract.​ a. true b. fals

Duress is a possible ground for rescission of a contract. a. true b. fals