Grove Corp purchased equipment at a cost of $260,000 in January, 2012 . As of January 1, 2016, depreciation of $88,000 had been recorded on this asset. Depreciation expense for 2016 is $22,000 . After the adjustments are recorded and posted at December 31, 2016 . What are the balances for the Depreciation Expense and Accumulated Depreciation? Depreciation Expense Accumulated Depreciation
a. $ 22,000 $110,000
b. $ 22,000 $ 88,000
c. $110,000 $110,000
d. $110,000 $ 88,000
a. $ 22,000 $110,000
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Which of the following is true?
A) A substituted contract can occur for any kind of contract but an accord and satisfaction can be used only for contracts for the sale of goods. B) Both an accord and satisfaction and a substituted contract involve a new party. C) An accord and satisfaction involves a new party, but a substituted contract does not. D) A substituted contract discharges duties under the original contract upon formation of the substituted contract.
Techilex delivers timber directly to furniture manufacturers. The company takes legal possession of the timber it distributes. The company does not physically process timber but it facilitates timber's safe delivery to the clients. In this scenario, Techilex is a(n) _____.
A. agent B. broker C. drop shipper D. truck Jobber
In order to compensate for synchronization problems, another type
of encoding method called biphase can be employed; these methods place a clock pulse within the data stream. Indicate whether the statement is true or false
Individuals Terry and Jim form TJ Corporation. Terry transfers cash of $930,000 in exchange for 50% of the stock of the TJ Corporation worth $900,000 and a $30,000 note. Jim transfers equipment with a $890,000 adjusted basis and a $930,000 FMV for 50% of the stock worth $900,000 and a note of the TJ Corporation valued at $30,000. The basis of the equipment to TJ Corporation is
A. $940,000. B. $960,000. C. $890,000. D. $920,000.