Answer:
The amount Laramie should record the purchase of land is <u>$6.2 million</u>.
Explanation:
The costs of a fixed asset refer to the purchase price and other relevant costs which are incurred in order to the location and working condition required to operate the fixed asset in way that it is intended.
The other relevant costs that are added to the purchase price to arrive at the cost of the fixed assets include professional fees, non-refundable taxes or levies, and among others.
If any trade discount or rebate is given, this will be deducted from the purchase price to arrive at the cost.
Any interest required to be paid on the delayed payment in order to reflects the time value of money are not part of the cost of the asset but expensed in the year they are incurred.
From the question, the land acquired is a fixed asset. Based on the explanation above, the total cost of the asset is $6.2 million. The interest from the 6% interest rate on the remaining $5 million will be part of the cost of the land but it will be expensed in the year they are incurred.
Therefore, the amount Laramie should record the purchase of land is <u>$6.2 million</u>.
Answer:
The correct answer is Duty of loyalty.
Explanation:
The corporate sphere bears an important analogy with the contractual one, in the sense that in both the agreements of the parties and the provisions of the law must be fulfilled, that is, there is a duty of loyalty of the partners and a duty of loyalty of the administrators. However, any action carried out by a subject, over and above private covenants or regulatory provisions, must follow a standard of conduct that imposes a certain ethical behavior in legal relationships, that of good faith.
Therefore, and without delving into the normative level, noting that behaving under the strict principle of good faith with society would be the partner's main duty. Here it is possible to know the concrete scope of this principle as a source of special duties for the parties in the corporate sphere. Thus, a duty-generating principle is derived from it: cooperation, information and protection.
Answer: Factory overhead control
Explanation: Factory overhead is the account where the amount of cost incurred while manufacturing a product is recorded and no direct labour or material is recorded. When the manufactured goods are finished and produced they are recorded as expenses when the goods are sold as manufactured finished products.
All the expenses related to the factory are included in this account such as rent, utility, electricity, supplies, tools. Factory overhead is known as manufacturing burden or expenses.
Answer:
c. 10.17%
Explanation:
we can use the future value formula:
future value = present value x (1 + r)ⁿ
- future value = $19,600,000
- present value = $8,200,000
- n = 9
$19,600,000 = $8,200,000 x (1 + r)⁹
$19,600,000 / $8,200,000 = (1 + r)⁹
(1 + r)⁹ = 2.390243902
⁹√(1 + r)⁹ = ⁹√2.390243902⁹√
1 + r = 1.101663943
r = 1.101663943 - 1 = 0.101663943 = 10.17%
Answer:
Output; Is
In a(n) <u>output</u> contract, the seller guarantees to sell 100 percent of its goods to one buyer, and the buyer agrees to accept the entire quantity. In a(n) contract, the buyer agrees to purchase 100 percent of its goods from one seller. These kinds of contracts <u>is</u> enforceable under the UCC.
