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$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.
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ACC 304 Week 5 Midterm Part 1 (Set 3)
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