Royal Company purchased a dump truck at the beginning of 2012 at a cost of $60,000 . The truck had an estimated life of 6 years and an estimated residual value of $24,000 . On January 1, 2014, the company made major repairs of $20,000 to the truck that extended the life 1 year. Thus, starting with 2014, the truck has a remaining life of 5 years and a new salvage value of $8,000 . Royal uses the
straight-line depreciation method. What amount should be recorded as depreciation expense each year starting in 2014?
a. $6,000
b. $12,000
c. $13,600
d. $14,400
b
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Hunter (age 68) and his wife Jenelle (age 70) file a joint return. They furnish all of the support of Luther (Hunter’s 90-year old father) who lives with them. In 2019, the couple received $6,000 of interest income on City of Chicago bonds and interest and dividend income on corporate stocks and bonds of $50,000. Compute Hunter and Jenelle’s taxable income for 2019.
What will be an ideal response?
Which of the following is NOT an example of a non-equity alliance:
a. Joint venture b. Long-term supply relationship c. Licensing arrangement d. Distribution agreement
If an individual has a contract to accept future delivery of Treasury bills, the individual cannot close the contract without accepting delivery.?
Answer the following statement true (T) or false (F)
Reva prepares and signs a document that she intends to be her will. If she has not followed the legal technicalities of her state regarding executing a will, the court may not enforce the will.
Answer the following statement true (T) or false (F)