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tekilochka [14]
2 years ago
7

Coronado Industries purchased equipment in 2019 at a cost of $912000. Two years later it became apparent to Coronado Industries

that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $583000 and it is estimated that the fair value is now only $360000. The entry to record the impairment is
Business
1 answer:
Rasek [7]2 years ago
6 0

Answer and Explanation:

The journal entry to record the impairment is as follows:

Loss on impairment of equipment $223,000 ($583,000 - $360,000)  

            To Accumulated depreciation- Equipment $223,000

(Being the impairment is recorded)

Here the loss would be debited as it increased the losses and accumulated depreciation is credited as it decreased the assets

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Business can be defined
5 0
3 years ago
Granny Gums has established a scholarship at the Martin College of Dentistry. She will make deposits into an endowment account t
OleMash [197]

Answer:

<u>Scholarship Amount would be $45.68</u>

Explanation:

Deposits into an endowment account that pays 12% per year

Year 0 Deposit $100

Year 1 Deposit $90

Year 2 Deposit $80

Year 3 Deposit $70

Year 4 Deposit $60

Year 5 Deposit $50

Year 6 Deposit $40  

First find the present worth of the gradient deposits.  

P = 100 + 90(P/A, 12%, 6) - 10(P/G, 12%, 6) = $380.69  

A = 380.69 (0.12)

A= $45.68

3 0
3 years ago
Bob, age 17, has entered into a contract to buy a car. The contract is: a. voidable. b. void. c. voidable only if Bob can return
AysviL [449]

Answer:

The correct answer is letter "A": voidable.

Explanation:

Voidable contracts are those that cannot be enforced because one or the two parties involved are not legally eligible to go on in such an agreement. Reasons to void a contract include but are not limited to failure to disclose material facts, legal incapacity to enter a contract or inconsistent contractual terms.

Thus, <em>Bob's contract to purchase a car is voidable since he is legally incapable of signing agreements due to his age (17 years old).</em>

4 0
3 years ago
The labor-supply curve is affected by the trade-off between labor and leisure.
NikAS [45]

TRUE.

The labor-supply curve is affected by the trade-off between labor and leisure.

The  opportunity cost of leisure depends on the wage rate, it increases and people supply more labor. Main factors determining the labor supply curve how desirable the work appears to its employees relative to the alternatives available in the market.

Other factors that encourages are government policies and procedures that are labor and trade effective or not. The quantity of workers trained for a particular job specifications. The number of workers in economy and the education required further.

To learn more about labor supply here,

brainly.com/question/23876084

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4 0
2 years ago
Mountain High Ice Cream Company transferred $68,000 of accounts receivable to the Prudential Bank. The transfer was made with re
horrorfan [7]

Answer:

Entries are given below

Explanation:

Calculations

Cash = ($68,000 x 90%) - ($68,000 x 2%)

Cash = $61,200 - $1,360

Cash = $59,840

Loss on sale = ($68,000 + $3,800) - ($59,840 +$5,800)

Loss on sale =  $71,800 - $65,640

Loss on sale = $6,160

Entries

                                                   DEBIT      CREDIT

Cash                                           $59,840

Loss on sale                              $6,160

Receivable from factor            $5,800

Recourse liability                                        $3,800

Receivables                                                  $68,000

4 0
3 years ago
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