1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Morgarella [4.7K]
3 years ago
8

An appraiser prepared an appraisal report in April 2019. He testified in court regarding the value of the property in January 20

20. The decision was rendered in February 2020 and was appealed in April 2020. The appellate court heard the case in January 2021 and remanded the case for reconsideration by the lower court. Final disposition of the case occurred in September 2021. At a minimum, how long must the appraiser retain his workfile?
Business
1 answer:
Salsk061 [2.6K]3 years ago
7 0

Answer: April 2024

Explanation:

Based on the information given in the question, at a minimum, the appraiser must retain his workfile till April 2024.

It should be noted that appraisal records should be kept for at least a period of 5 years. In a situation whereby there is a report which is involved in the litigation, then such file must be maintained for a further two years. This is according to the Uniform Standards for Professional Appraisal Practice Record Keeping Rule.

You might be interested in
Stricter environmental regulations and increased demand for energy have caused an increase in the demand for relatively clean na
scoray [572]

Answer:

D) Quantity sold rose while the effect on price is ambiguous.

Explanation:

Two separate things happened here;

  • Change in consumer habits have shifted the the demand curve to the right, increasing the quantity demanded at every price level.
  • Better technology and lower costs have also shifted the supply curve to the right, increasing the quantity supplied at every price level.

One thing is certain, the quantity demanded and supplied increased, so the total quantity sold definitely increased. The price issue is not certain because you would need additional information about which shift was larger, the shift of the supply curve or the demand curve.

5 0
3 years ago
Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the curre
Vladimir79 [104]

Answer:

a. Depletion rate  = $2.25

b. Account                                                              Debit($)                Credit($)

Depletion expense                                              9,000,000

Accumulated depletion expense                                                  9,000,000

<u>Being depletion expense for the year.</u>

Explanation:

Depletion expense refers to the loss in value of a long term asset due to reduction in producing capacity  of the asset. The depletion is recognized as an expense in the income statement of the relevant year.

To determine depletion expense, depletion rate is needed which can be derived by dividing the total value of the asset net of its residual value (if any) by the total producing capacity of the asset.After this, the depletion rate is used to multiply the production units of the current year.

Here is the formula for depletion rate:

a. Depletion rate = Total value of the asset - residual value

Total production capacity

Here is the formula for depletion expense

b. Depletion expense = Depletion rate x current year production units  

a. Depletion rate = $67,500,000

30,000,000

Depletion rate = $2.25

b. Depletion expense = $2.25 x 4,000,000

= $9,000,000

Note: Accumulated depletion expense account is the corresponding account for depletion expense account.

6 0
3 years ago
What is this section of the check register used for?
Rasek [7]

Answer:

C

Explanation:

it's very obvious bcs it has transaction amount in the pic

3 0
3 years ago
Read 2 more answers
At December 31, 2020, Oriole Company has outstanding noncancelable purchase commitments for 37,600 gallons, at $3.24 per gallon,
adell [148]

Answer:

Unrealized holding Gain or Loss - Income (Dr.) $20,304

Estimated Liability on purchase commitments (Cr.) $20,304

Explanation:

Oriole Company has agreed to purchase Gallons of raw material for a defined price of $3.24 per gallon. The price is reduced on December 31, 2020. The Difference between the prices of gallons is recorded as unrealized gain on debit and liability is credited.

$3.24 - $2.70 = $0.54 * 37,600 Gallon = $20,304

Unrealized holding Gain or Loss - Income (Dr.) $20,304

Estimated Liability on purchase commitments (Cr.) $20,304

The raw material is purchased at the price of $2.70 per gallon and the 36,000 gallons are purchased. The journal entry to record this transaction is,

Raw material (Dr.) $76,896

Estimated liability on purchase commitments (Dr.) $20,304

Cash (Cr.) $97,200

6 0
3 years ago
St trucking just signed a $3.8 million contract. the contract calls for a payment of $1.1 million today, $1.3 million one year f
Gnom [1K]
The answer is $3,480,817.37   The contract is worth <span>$3,480,817.37 today at a discount rate of  8.7 percent.

</span>PV = $1.1M + ($1.3M/1.087) + ($1.4M/1.087 square<span>) = $3,480,817.37</span>
3 0
3 years ago
Other questions:
  • Christmas is ranked as the most commercial holiday. Where is Halloween on this list?
    12·2 answers
  • To minimize the invasion of privacy, _____.
    13·1 answer
  • The purchase of office equipment at a cost of $7,600 with an immediate payment of $4,200 and agreement to pay the balance within
    15·1 answer
  • Suppose you want to invest $10,000. You have two options: (1) Invest in California municipal bonds with an expected rate of retu
    12·1 answer
  • Charismatic leadership is now considered part of ______ leadership.
    12·1 answer
  • In many larger U.S. based firms the __________ matches the overall strategy of the firm and reinforces the __________ emerging f
    15·1 answer
  • A business has a key person insurance policy. Who or what would be the beneficiary of the policy ? A. The children of the key pe
    6·2 answers
  • Which investment is best for someone who is likely to need cash soon? mutual fund CD 401(k) savings account
    11·2 answers
  • A charge nurse is delegating a task. The nurse understands which of the following represents effective delegation? Select all th
    8·1 answer
  • in a given year, many unskilled workers in the united states earned the federal minimum wage of $7.25 per hour. by contrast, ave
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!