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Artist 52 [7]
3 years ago
13

Sandhill Company purchases an oil tanker depot on January 1, 2020, at a cost of $639,700. Sandhill expects to operate the depot

for 10 years, at which time it is legally required to dismantle the depot and remove the underground storage tanks. It is estimated that it will cost $69,980 to dismantle the depot and remove the tanks at the end of the depot’s useful life.
Prepare the journal entries to record the depot (considered a plant asset) and the asset retirement obligation for the depot on January 1, 2017. Based on an effective-interest rate of 6%, the present value of the asset retirement obligation on January 1, 2017, is $40,070.
Business
1 answer:
babymother [125]3 years ago
8 0

Answer:

Dr Depot $639,700

Cr Cash $639,700

Dr Depot $40,070

Cr Asset retirement obligation $40,070

Explanation:

Sandhill Company Journal entries

Dr Depot $639,700

Cr Cash $639,700

Dr Depot $40,070

Cr Asset retirement obligation $40,070

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After posting the entries to close all revenue and expense accounts, the Income Summary account of Cleaver Auto Services has a $
KATRIN_1 [288]

Answer:

INCORRECT.

In income summary account, all revenue accounts are closed by debiting them and crediting the income summary account. expense accounts are closed by crediting them and debiting income summary account. then on closing income summary account it shows debit balance if there is a net loss and it shows credit balance if there is a net income.

In the given case clever auto services has debit balance of $5,300 i,e it implies that clever auto services has loss .

Therefore above statement is wrong. It implies a loss of $5300 not the net income of $5,300.

3 0
3 years ago
The researcher wants to investigate whether carpet makes a difference in the mean bacterial concentration in air. the null and a
expeople1 [14]

The researcher wants to investigate whether carpet makes a difference in the mean bacterial concentration in air. the null and alternative hypotheses would be:

H0: The mean of the carpeted rooms = the mean of the uncarpeted rooms

Ha: The mean of the carpeted rooms ≠ the mean of the uncarpeted rooms

The attention of bacteria majorly depends on the awareness of inoculum, incubating temperature, and the metabolic country of inoculated pressure used. The bacterial concentration suspended in growth media may be calculated.

In idea, you could listen to cells through filtration or centrifugation, but likely no greater than a hundredfold. for your case, you're asking to concentrate by 10,000 fold. So you sincerely might want to develop denser cultures of cells. You can centrifuge your modern broth and resuspend the pallet in a clear broth.

In microbiology, the minimal inhibitory attention (MIC) is the lowest concentration of a chemical, generally a drug, which prevents the visible boom of a bacterium or bacteria.

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8 0
2 years ago
Small Businesses in America
PSYCHO15rus [73]
Small scale business society can nurture entrepreneurial skills in children
7 0
3 years ago
How many people lost their jobs when the minimum wage increased from $12 to $18
Inessa05 [86]
I would say 33.. But im not 100% sure
3 0
3 years ago
Auditors may decide to perform some tests of controls or not perform any tests of controls, if inherent risk is assessed as ____
Ivanshal [37]

Answer: Moderate or low

Explanation:

Tests of Control are one by auditors to determine the effectiveness of the internal controls in the company in being able to detect accounting errors and anomalies.

If a company seems to have a moderate or low inherent risk the Auditors may or may not initiate Tests of Control due to this reduced risk.

If the company however, has either high or moderate or unusually high risk, the Auditors have to perform Tests of Control to determine where the company is going wrong.

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3 years ago
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