Answer:
equipment 3,700
Explanation:
First we calcualte the values of the machine given up:
<u>traded-out assets</u>
purchased 23000
depreciation <u>20,000 </u>
book value 3,000
fair value 5,000
gain on disposal 2,000
This gain would be recognzie if there was commercial substance. In this case we don't have commercial substance. So it is deffered.
Value given up forthe new equipment:
cash 700
traded-out <u>5,000 </u>
total value 5,700
We subtract the deffered gain on disposal to get the accounting value for the new equipment:
deferred gain (2,000)
accounting value 3,700
The machine will enter the accounting with 3,700
journal entry
equipment 3,700
acc del 20,000
equipment 23,000
cash 700
The gross profit is more inportant than the net profit
Answer:
$24,400
Explanation:
Assuming that Alan and Donna are married and they decide to file their taxes together, the standard deduction for 2019 taxes was $24,400.
The standard deduction increases if you or your spouse is over 65 years old, or if any of you is blind. The standard deduction generally increases a little bit every year, e.g. during 2018 it was $24,000 and for 2020 it is $24,800.
True.The financial crisis hastened the ongoing process in which the financial services industry was transforming from having a few large firms to many small firms.
Explanation:
The financial crisis broke the back of many big firms especially working the stock market and exchange. Financing services were being handled by big behemoths during the time that harbored a lot of space in the industry and did not allow smaller firms to take over the tasks and succeed in their stead.
The crisis made it impossible for their business models to sustain and no one could afford a hefty sum for financial services so smaller companies with less operational costs took their place.
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