On April 1,2020,Hogan Industries Scrapped a Machine That Cost $10,000

question 46

Essay

On April 1,2020,Hogan Industries scrapped a machine that cost $10,000 and had accumulated depreciation through December 31,2019,of $10,000.Prepare the journal entry to record the disposal of the machine.

Interpret and apply AASB 121 The Effects of Changes in Foreign Exchange Rates in practical scenarios.

Understand the calculation and implications of portfolio variance.

Grasp the concept of diversification and its effects on portfolio risk.

Define and differentiate between systematic and nonsystematic risks.

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Definitions:

Subtract

A mathematical operation that involves taking one number away from another to find the difference.

Whole Number

A number without fractions or decimals; an integer that can be positive, negative, or zero.

Decimal Place

The position of a number to the right of a decimal point, indicating the value's fractional part.

Multiplier

A number by which another number is multiplied to yield a product.