Answer:
c. a long-term investment.
Explanation:
A long-term investment is an asset that a business tends to keep for more than one year. An investor or business that acquires a long-term investment has no intention of selling in the short or medium term. Some long-term investments will never be sold.
The land will be recorded as a long term investment. It qualifies an asset because it will be used in the production of other goods, thereby generating income for the business. The land will be used after five years; hence it's a long term investment.
The increase in the variety of products and services a firm offers or markets and the geographic regions in which it competes refers to diversification.
<h3>What is diversification?</h3>
Diversfication is the process by which a firm increases the product offerings to its customers in a particular region. The purpose of diversification is to increase the options avaiable to customers, increase profit margin and increase market share.
To learn more about diversification, please check: brainly.com/question/321207
Answer:
Following are the journal entries recorded for the payroll of current time period;
Debt: Salary Expense = $50,000
Credit: Tax Payable by Medicare = $750
Credit: Deduction Payable For Employee Saving = $2,550
Credit: Income Tax payable for Federal Employees = $9,000
Credit: Tax payable for Social Security = $3,000
Credit: Salaries payable to Employees = $34,700
Answer: when using the accrual basis the income will be taxed when earned and when using the cash basis it will be taxed upon receipt of the payments
Explanation: