Answer:
a. discharged.
Explanation:
Based on the scenario it can be said that after the court order, O’Reilly’s contract with Planners & Builders is officially discharged. In the context of the law, a discharged contract is a contract or agreement that has been terminated or made null. This can happen due to many reasons, such as fulfillment of a contract, inability to fulfill one parties duties, Bankruptcy, etc. In this case it was due to a court order.
The correct answer is D. The annual premium for the cheapest policy is $6,644.
A life insurance policy can pay out in the event of the insured's death, whether or not before a specific date, or if the insured is alive on a specific date.
A life insurance policy can also be a mixture of both, in that case it pays out both when you are alive and when you die earlier. Finally, a life insurance policy can provide a periodic payment as long as the insured person is alive or precisely from the moment the insured person dies.
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Monopolistic competition is the economic market model with many sellers selling similar, but not identical, products. The demand curve of monopolistic competition is elastic because although the firms are selling differentiated products, many are still close substitutes, so if one firm raises its price too high, many of its customers will switch to products made by other firms. This elasticity of demand makes it similar to pure competition where elasticity is perfect. Demand is not perfectly elastic because a monopolistic competitor has fewer rivals then would be the case for perfect competition, and because the products are differentiated to some degree, so they are not perfect substitutes.
Monopolistic competition has a downward sloping demand curve. Thus, just as for a pure monopoly, its marginal revenue will always be less than the market price, because it can only increase demand by lowering prices, but by doing so, it must lower the prices of all units of its product. Hence, monopolistically competitive firms maximize profits or minimize losses by producing that quantity where marginal revenue equals marginal cost, both over the short run and the long run.
Answer:
The amount recorded in the Land account is $61,200
Explanation:
The cost of acquisition/purchase of a landed asset includes all the normal, reasonable and necessary costs incurred in obtaining the land and getting it ready for use. These cost includes the price of the land, the legal fees, title fees, taxes, excavation costs etc. On the other hand, cost of improvements on the land are recorded on improvement on asset accounts, where depreciation is put in consideration when computing cost. This is separate from acquisition cost because, there is no depreciation on a land. The cost is calculated as follows:
purchase price = $ 45,000
broker's fees = $ 8,000
accrued taxes = $ 2,000
demolition = $ 2,700
grading = $ 1,500
excavation = $ 2,000
Total = $ 61,200
