Use the Following Information for Questions

question 13

Multiple Choice

Use the following information for questions.
During calendar 2017, Laertes Corp.sold equipment for $70,000.The equipment had cost $100,000 and had a book value of $52,000 at the time of sale.Data from their comparative statements of financial position are:
-Equipment purchased during 2017 was

• A)$170,000.
• B)$100,000.
• C)$70,000.
• D)$30,000.

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Definitions:

Resource Market

A marketplace where resources (such as labor, capital, and natural resources) are bought and sold, facilitating economic production.

Factors of Production

Resources used in the creation of goods and services, including land, labor, capital, and entrepreneurship.

Firms

Business organizations engaged in professional, commercial, industrial, or service activities.

Human Capital

The collection of capabilities, learning, and experiential wisdom available to a person or society, assessed based on their contribution in terms of value or expense to an organization or a nation.