EXTRA CREDIT: 5.4 points Magnolia Co. had a sheet metal cutter that cost $117,000 on January 5, 2016. This old cutter had an estimated life of ten years and a salvage value of $17,000. On April 3, 2021, the old cutter is exchanged for a new cutter with a fair value of $60,000. The exchange lacked commercial substance. Magnolia also received $15,000 cash. Assume that the last fiscal period ended on December 31, 2020, and that straight-line depreciation is used. Calculate the total gain or loss. Round to the nearest dollar. [class] of $[amount] Prepare all entries that are necessary on April 3, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round to the nearest dollar. If the line or entry is not necessary, enter “no entry” and input 0 for the amount.) Account Titles and Explanation Debit Credit To record depreciation expense [dr1T] [dr1] [cr1T] [cr1] To record exchange of machinery [dr2T] [dr2] [dr3T] [dr3] [dr4T] [dr4] [dr5T] [dr5] [cr2T] [cr2] [cr3T] [cr3]
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The overexploitation of cod in the North Atlantic releases c…
The overexploitation of cod in the North Atlantic releases crab and shrimp from predation pressure and results in a boom in the number of crab and shrimp. The increased number of crab and shrimp cause a decline in zooplankton abundance, which subsequently causes an increase in phytoplankton abundance. This change in the food web is an example of which of these?
Interaction effects, also known as multiple treatment interf…
Interaction effects, also known as multiple treatment interference, may exist between interventions implemented within a short time period, but they should only be addressed if it results in a negative effect.
Name the specific bone
Name the specific bone
What kind of loop does the following code segment represent?…
What kind of loop does the following code segment represent? while selection < 1 or selection > 4: selection = int(input(“Selection must be between 1 and 4. Please re-enter: “))
What is the result of the following expression? 2 * 3 + 7
What is the result of the following expression? 2 * 3 + 7
Raytheon, a 24 billion USD defense contractor, incorporated…
Raytheon, a 24 billion USD defense contractor, incorporated into its Leadership Assessment Instrument the requirement of managers to maintain unequivocal commitment to honesty, truth and ethics in every facet of behavior and to conform with the letter and intent of company policies while working to affect any necessary policy change. This is an example of a
Raytheon, a 24 billion USD defense contractor, incorporated…
Raytheon, a 24 billion USD defense contractor, incorporated into its Leadership Assessment Instrument the requirement of managers to maintain unequivocal commitment to honesty, truth and ethics in every facet of behavior and to conform with the letter and intent of company policies while working to affect any necessary policy change. This is an example of a
While carefully developed policies and procedures guide beha…
While carefully developed policies and procedures guide behavior, they need to be reinforced with all the following except
While carefully developed policies and procedures guide beha…
While carefully developed policies and procedures guide behavior, they need to be reinforced with all the following except