On January 1, 2013, a Machine with an Estimated Life

question 27

Multiple Choice

On January 1, 2013, a machine with an estimated life of 5 years and an estimated residual value of $5,000 was acquired for $40,000. On July 1, 2015, the machine was sold for $7,000 cash. The journal entry to record the sale

• A)decreases stockholder's equity.
• B)increases total assets.
• C)decreases total expenses.
• D)increases net income.

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Definitions:

Bodhi Tree

The sacred fig tree under which Siddhartha Gautama, the Buddha, is said to have attained enlightenment.

Buddhist Art

Buddhist Art covers the visual artistic practices inspired by Buddhism, including statues, paintings, and architecture that depict Buddhas, bodhisattvas, and narratives from Buddhist texts, prevalent across Asia.

Axis Mundi

Latin, “axis of the world.” In South Asia, a tall pillar planted deep in the ground, connecting earth and sky.

Ananda Temple

A Buddhist temple in Bagan, Myanmar, known for its grand architecture and four standing Buddha statues, each facing a cardinal direction.