In January 2008, S Company, an 80% Owned Subsidiary of P

question 24

Multiple Choice

In January 2008, S Company, an 80% owned subsidiary of P Company, sold equipment to P Company for $990,000.S Company's original cost for this equipment was $1,000,000 and had accumulated depreciation of $100,000.P Company continued to depreciate the equipment over its 9 year remaining life using the straight-line method.This equipment was sold to a third party on January 1, 2014 for $720,000.What amount of gain should P Company record on its books in 2014?

• A)$30,000.
• B)$60,000.
• C)$120,000.
• D)$180,000.

Learn about the Johari Window and its panes (open, blind, hidden, unknown) and how they relate to self-awareness and interpersonal relationships.

Identify strategies to increase the open pane in the Johari Window, thereby enhancing self-awareness and communication.

Recognize the psychological effects and reasons for withholding personal information and the impact on personal and professional relationships.

Understand the significance of feedback in diminishing the blind pane and increasing self-knowledge.

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Definitions:

Price Elasticity

The determination of how significantly a good's demanded quantity is influenced by its price movements.

Midpoint Method

A technique used in economics to calculate the percentage change between two numbers, offering a more accurate depiction of proportionate change.

Supply

The total amount of a product or service available for purchase at any given price level.

Quantity Supplied

The total amount of a product or service that producers are willing and able to sell at a given price in a specific time period.