On January 15, 2020, Link Corp $\quad$ $\quad$ $\quad$

question 54

Short Answer

On January 15, 2020, Link Corp. paid $ 480,000 in property taxes on its factory building for the calendar year 2020. In the first week of April 2020, the corporation made unanticipated repairs to its plant equipment at a cost of $ 1,200,000. How should these expenses be reflected in Link's quarterly income statements? $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Three Months Ended }$
$\quad \quad 3 / 31 / 20 \quad 6 / 30 / 20 \quad 9 / 30 / 20 \quad 12 / 31 / 20$
A) $\begin{array}{lccc}\$ 120,000 & \$ 520,000 & \$ 520,000 & \$ 520,000 \\\end{array}$
B) $\begin{array}{lccc}\$ 120,000 & \$ 1,320,000 & \$ 120,000 & \$ 120,000 \\\end{array}$
C) $\begin{array}{lccc}\$ 480,000 & \$ 1,200,000 & \$-0- &\quad \$-0- \\\end{array}$
D) $\begin{array}{lccc}\$ 420,000 & \$ 420,000 & \$ 420,000 & \$ 420,000\end{array}$

• A)\(\begin{array}{lccc}
• \$ 120,000 & \$ 520,000 & \$ 520,000 & \$ 520,000 \\\end{array}\)
• B)\(\begin{array}{lccc}\$ 120,000 & \$ 1,320,000 & \$ 120,000 & \$ 120,000 \\\end{array}\)
• C)\(\begin{array}{lccc}\$ 480,000 & \$ 1,200,000 & \$-0- &\quad \$-0- \\\end{array}\)
• D)\(\begin{array}{lccc}\$ 420,000 & \$ 420,000 & \$ 420,000 & \$ 420,000
• \end{array}\)

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Definitions:

Preconventional Level

The preconventional level is the initial stage in Kohlberg's theory of moral development, where individuals base their moral decisions on avoiding punishment and seeking rewards.

Long-term Memory

The type of memory responsible for the storage of information over an extended period, ranging from a few days to a lifetime.

Permanent Storage

The long-term retention of information in the memory, which can be recalled after a period of time.

Rapid Retrieval

The ability to quickly access information from memory when needed.