<span>Conformity is a psychological/social phenomenon that occurs within a group setting wherein members of a group try to match each others attitudes, beliefs, and behaviors. Conformity can have a negative impact on group decision making, particularly if making the "right" decision is viewed by the group as less important than maintaining harmony within the group.</span>
According to most economics textbooks, our wages are determined just like any other price: by supply and demand. People supply their labor, and companies demand it, creating a market for labor.
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Companies use the production function to determine the optimal combination of labor and capital to produce a certain amount of out put. increasing marginal costs can be identified using the production function.
Answer:
1. The Journal Entry
Sr. No Particulars Debit Credit
Tractor- Machinery $ 45000
Cash $6000
Notes Payable $ 39,000
The journal entry to record the acquisition of the tractor.
Working : Interest Expense Payable:
11% of 39,000= $ 4290
<u>2. Income Statement of 2021</u>
Revenues xxxxx
Less
Depreciation xxxxx
Interest Expense 4290
<u>Profit xxxx</u>
<u />
<u>2. Income Statement of 2022</u>
Revenues xxxxx
Less
Depreciation xxxxx
Interest Expense 4290
<u>Profit xxxx</u>
<u>3. Balance Sheet of 2021</u>
Debit Side
Truck $45000
<u>Less Depreciation xxxxx</u>
Credit Side
<u>Interest Payable 4290</u>
<u>3. Balance Sheet of 2022</u>
Debit Side
Truck $45000
<u>Less Depreciation xxxxx</u>
Credit Side
<u>Interest Payable 4290</u>