Spa Sources Corporation Purchased a Machine That Had an Original

question 119

Short Answer

Spa Sources Corporation purchased a machine that had an original cost of $60,000 and an estimated residual value of $10,000.The useful life was expected to be 8 years and straight-line depreciation is used.At the end of 2010,the book value of the machine was $35,000.Spa Sources sold the machine for $32,000 cash on October 1,2011.
Requirements:
A.Prepare the journal entry to record depreciation for 2011 up to the date of sale.
B.Prepare the journal entry to record the sale of the machine.

Explore the social dimensions of drug usage, including its relation to crime, socioeconomic status, and societal norms.

Understand the punitive and supportive approaches in the war on drugs.

Evaluate the success or failure of the War on Drugs and propose alternative solutions.

Recognize the correlation between social status and drug use.

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Definitions:

Long-Run Aggregate Supply

The total output of goods and services that an economy can produce when it is using all of its resources efficiently and at full employment.

Vertical

In economics, this term typically refers to a market structure where companies provide different, but related, products or services at various stages of production.

Money Supply

The total financial resources in an economy at a particular time, made up of cash, coins, and the holdings in checking and savings accounts.

Inflation

An increase in the average cost of goods and services, resulting in a drop in the value of purchasing power.