If a plant asset has been fully depreciated and it is discarded or retired, no gain or loss will be realized
a. True
b. False
Indicate whether the statement is true or false
True
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A (n) ______ has goals that focus attention on information that will help meet those goals.
A. internalize B. learner C. perceiver D. interactor
How does Nobel laureate Milton Friedman's view of the firm's social obligations tie in with shareholder capitalism?
What will be an ideal response?
Gig Corp is accused of price-gouging. Gig argues that the company is only involved in intrastate business, so it is not bound by any federal laws or regulations. If Gig is correct: A) its actions are not illegal
B) the state where Gig is located will have laws against price-gouging. C) it will be a change in U.S. legal history. D) None of the above
Wilson Corporation granted an incentive stock option to Reva on January 1, two years ago. The option price was $300, and the FMV of the Wilson stock was also $300 on the grant date. The option allowed Reva to purchase 150 shares of Wilson stock. Reva exercised the option on August 1, this year, when the stock's FMV was $400. Unless otherwise stated, assume Reva is a qualifying employee. The
results of the above transactions to Reva will be A) no income to Reva on the grant date or exercise date but there is an alternative minimum tax adjustment item to Reva of $15,000. B) no income tax or alternative minimum tax effect for Reva. C) ordinary income to Reva on the exercise date of $15,000. D) capital gain to Reva on the exercise date of $15,000.