At January 1, 2020, Neon Corp

question 1

Multiple Choice

At January 1, 2020, Neon Corp. owned a machine that had cost $ 100,000. The accumulated depreciation to date was $ 60,000, estimated residual value was $ 6,000, and fair value was $ 160,000. On January 4, 2020, this machine suffered major damage due to Argon Corp.'s actions and was written off as worthless. In October 2020, a court awarded damages of $ 160,000 against Argon in favour of Neon. At December 31, 2020, the final outcome of this case was awaiting appeal and was, therefore, uncertain. However, in the opinion of Neon's attorney, Argon's appeal will be denied. At December 31, 2020, what amount should Neon accrue for this gain contingency?

• A) $ 160,000
• B) $ 130,000
• C) $ 100,000
• D) $ 0

Assess the effects of advancements in U.S. health care on the standard of living.

Recognize factors that could reduce health care overconsumption.

Describe the major funding sources for health care and their relative contributions.

Explain factors contributing to the price inelasticity of health care demand.

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Definitions:

Moral Behavior

Actions that are in accordance with societal norms and values regarding right and wrong.

Think Morally

The process of evaluating actions and decisions based on ethical principles and considerations of right and wrong.

Freud

The founder of psychoanalysis, a method for treating psychological pathology through dialogue between a patient and a psychoanalyst.

Societal Norms

Unwritten rules and expectations that regulate the behavior of people within social groups and societies.