ACC 304 Week 5 Midterm Part 1( Set 3)
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Peterson Company purchased machinery for $ 800,000 on January 1, 2011. Straight-line depreciation has been recorded based on a $ 50,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2015 at a gain of $ 15,000. How much cash did Peterson receive from the sale of the machinery? Multiple Choice Question 82 On January 2, 2014, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2015. Expenditures for the
Indian River Groves borrowed $ 2,200,000 on a construction loan at 12 % interest on January 2, 2014. This loan was outstanding during the construction period. The company also had $ 8,000,000 in 9 % bonds outstanding in 2014 and 2015. What were the weighted-average accumulated expenditures for 2014? $ 800,000 Multiple Choice Question 50 Accounting recognition should be given to some or all of the gain realized on a nonmonetary exchange of plant assets except when the exchange has no commercial substance and additional cash is paid. ===============================================
ACC 304 Week 5 Midterm Part 1( Set 3)
For more course tutorials visit www. uophelp. com
ACC 304 Week 5 Midterm Part 1( Set 3)
1) Tongas Company applies revaluation accounting to plant assets with a carrying value of $ 1,600,000, a useful life of 4 years, and no