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Please refer to Table 3-1 for the following questions.
Table 3-1
Jones Company
Financial Information
-Based on the information in Table 3-1,assuming that no assets were disposed of during 2010,the amount of depreciation expense was
Control
The power or authority to manage, direct, or influence something or someone.
Possession
The condition or reality of being the owner or holder of an item, in either a physical or legal capacity.
Collateral
An asset that a borrower offers a lender to secure a loan. If the borrower fails to repay the loan, the lender may seize the collateral.
Oral Agreement
A verbal contract in which the terms have been agreed upon through spoken communication, as opposed to written, but is still legally binding in some cases.
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