Using the straight line method
Depreciation per year
295,000÷5=59,000
Accumulated depreciation for 3 years
59,000×3=177,000
Book value of the equipment
295,000−177,000
=118,000
Answer: See explanation below for answer.
Explanation: In micro-economics, a discretionary expense refers to a cost that a business or household can actually do without, if necessary. These expenses are often wants rather than needs. Case in point, a business may allow employees to charge certain meal and entertainment costs to the company.
In macro-economics, discretionary spending is the type of government spending that is implemented through an appropriations bill. What this means is that the spending is an optional part of fiscal policy, which is quite the opposite of entitlement programs for which require mandatory funding and are determined by the number of qualified recipients.
Some examples of areas funded by discretionary spending are national defense, foreign aid, education and transportation.
Discretionary spending must always be deliberated upon by Congress through the annual appropriations process each year.
Answer:
Explanation:
The journal entry is shown below:
On September 30
Bonds payable A/c Dr $1,000,000
Loss on bond retirement A/c Dr $20,000
To Discount on Bond A/c $10,000
To Cash A/c $1,010,000
(Being the callable bond is recorded)
The computation is shown below:
For cash
= Par value of bond + Premium
= $1,000,000 + $10,000
= $1,010,000
For Loss, it would be
= $1,010,000 - $990,000
= $20,000
And, the remaining amount would be transferred to discount on bond
Answer: implicit liabilities will increase.
Explanation:
Implicit liabilities are incurred by government as a result of them having to take care of their citizens. Medicaid is one such liability.
If the government were to expand the percentage of people in the country that are to be covered by medical aid, this would mean that more Medicaid will be paid by the government which means that the implicit liabilities will increase.
