Presented Below Are Selected Transactions for the Tinker Company for 2015

question 246

Essay

Presented below are selected transactions for the Tinker Company for 2015.
Jan. 1 Retired a piece of equipment that was purchased on January 1, 2005. The equipment cost $75,000 on that date, and had a useful life of 10 years with no salvage value.
April 30 Sold equipment for $38,000 that was purchased on January 1, 2012. The equipment cost $105,000, and had a useful life of 5 years with no salvage value.
Dec. 31 Discarded equipment that was purchased on June 30, 2011. The equipment cost $42,000 and was depreciated on a 5-year useful life with a salvage value of $2,000.
Instructions
Journalize all entries required as a result of the above transactions. Tinker Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2014.

Interpret the market implications of basis points and their impact on bond prices.

Understand the definition and scope of psychology.

Distinguish between different research methodologies and their purposes in psychology.

Recognize the goals of psychology (description, understanding, prediction, and control).

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Definitions:

Working Papers

Documents that contain the work progress, research, or findings of an individual or group, commonly used in academic or professional settings for review or publication.

Tax Records

Documents and files that pertain to the tax history of an individual or entity, including tax returns, payments, receipts, and other pertinent information.

Court

An institution that the government sets up to settle disputes through a legal process, providing a platform for the enforcement of laws and the administration of justice.

Reasonable Care

A legal standard that requires individuals to act with the degree of caution and concern for the safety of others that a reasonably prudent person would in similar circumstances.