Answer:
preventing monopolization and/or conspiracy in the restraint of trade.
Explanation:
The Sherman Antitrust Act of 1890 was the first federal law that prohibited monopolistic practices. State legislatures had already passed some state laws that prohibited monopolies but since most monopolies engaged in interstate trade, they weren't affected by them, e.g. railroads, steel factories, etc.
This law was passed in order to address the issue from a national level and include monopolies that engaged in interstate trade.
A business that sells watches that are more inexpensive than the watches a competitor sells is using a private sector type of competition.
Answer:
Correct option is (D)
Explanation:
Given:
Purchase price of copyright = $50,000
Expected useful life = 5 years
Annual depreciation expense as per straight line method:
= Purchase price ÷ useful life
= 50,000 ÷ 5
= $10,000
Only useful life is considered and not legal life.
Carrying value of asset at the end of year = Book value of asset - annual depreciation
Carrying value of copyright at then end of first year = 50,000 - 10,000 = $40,000
Carrying value of copyright at then end of second year = 40,000 - 10,000 = $30,000
Based on U.S. GAAP principles, the accounting recognition to be recorded in a journal would be:
Date Account title Debit Credit
December 31 Loss from estimated contingency $806,000
Estimated liability from contingency $806,000
<h3>Requirements for recording a loss from Contingency</h3>
- Loss must be probable.
- Loss amount can be reasonably estimated.
The loss is probable as the government has indicated its wishes clearly. The loss amount is also reasonably estimated to be $806,000. This can therefore be recorded as the above.
Find out more on contingency losses at brainly.com/question/25166312.
Answer:
Gain recognized by Ben = $10,000
Explanation:
Given Data:
Adjusted basis of property=$40000
Cash received = $15000
Additional stock received = $35000
Total received = Cash received + Additional stock received
= $35000
+ $15000
= $50000
Gain recognized by Ben = Total received - Adjusted basis of property
=$50,000 -$40,000
= $10,000
Therefore, gain recognized by Ben = $10,000