Alexa Corporation Has a Calendar Year End and Owns Equipment

question 88

Multiple Choice

Alexa Corporation has a calendar year end and owns equipment that was purchased for $225,000 on March 1, 2020. On December 31, 2021 after the year-end adjusting entries, the carrying amount of the asset is $155,000. Due to damage, management determines the recoverable value to be $125,000. Alexa would make the following entry related to this asset:

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Definitions:

Novelty

The quality of being new, original, or unusual, often stimulating interest, attention, or excitement.

Subtheory

A division or smaller theory that is part of a larger theoretical framework, often focusing on a specific aspect of the broader theory.

Analytical Intelligence

A facet of intelligence proposed by Sternberg as part of his triarchic theory, involving the ability to analyze, evaluate, judge, compare, and contrast information.

Practical Intelligence

Practical intelligence refers to the ability to solve everyday problems by utilizing knowledge gained from experience rather than purely theoretical or technical understanding.