The complete question is as follows:
Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,330,000. Harding paid $315,000 and issued a note payable for the remainder of the cost. An appraisal of the property reported the following values: Land, $333,000; Building, $990,000 and Equipment, $657,000. (Round your intermediate percentages to the nearest whole number: i.e 0.054231 = 5%. Do not round any other intermediate calculations.)Assume that Harding uses the units-of-production method when depreciating its equipment. Harding estimates that the purchased equipment will produce 1,040,000 units over its 5-year useful life and has salvage value of $17,000. Harding produced 269,000 units with the equipment by the end of the first year of purchase.Which amount below is
closest to the amount Harding will record for depreciation expense for the equipment in the first year?
A. $169,936
B. $165,538.462
C. $109,126
D. $88,460
Answer: B. $165,538.462
Explanation
Formula: Depreciation expense = step a
(cost of asset - salvage value)/estimated total units produced
step b = (step a) x actual units produced
step a = (65-17000)/1040000
= step a x 269000 = $B. $165,538.462
Answer:
The correct answer is A)
Explanation:
When products and or services are manufactured at a level that maximizes social welfare, allocative efficiency is said to have occurred.
A market system characterized as monopolistic competition may <u><em>never </em></u>achieve productive efficiency because firms often fix prices at a point higher than their marginal costs.
Marginal cost refers to the added cost incurred by producing or manufacturing one additional unit of a product.
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Answer:
Credit to notes payable for $165000
Explanation:
Journal entries for issuance of Note Payable :
Cash Account ..... Debit $165000
7% Note payable Accounts .... Credit $165000
Note:
Note payable is a liability so it is credited as on date of issuance.
Answer:
1) 390 warranty expense
2) 390 warranty liability
3) zero as the amount is deducted from the liability
Explanation:
the warranty expense was determinated using an allowance of 3% of the sale:
$ 13,000 x 3% = $ 390
the warranty liability will be created for the same amount
On 2018 it will decrease the liability against inventory It will not recognize a warranty expense.
