On January 1, 2019, a Machine with an Estimated Life

question 65

Multiple Choice

On January 1, 2019, a machine with an estimated life of 5 years and an estimated residual value of $5,000 was acquired for $40,000. On July 1, 2021, the machine was sold for $7,000 cash. The journal entry to record the sale

• A)decreases stockholder's equity.
• B)increases total assets.
• C)decreases total expenses.
• D)increases net income.

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Definitions:

Dyes

Substances used to add or change color in materials such as fabric, hair, or food.

Colored Designs

Artistic creations that utilize colors strategically to enhance aesthetics and convey meanings.

Tattooing

The process of inserting pigment into the skin's dermis to create designs or text permanently.

Cultures

The customs, arts, social institutions, and achievements of a particular nation, people, or other social group.