Burchells Ltd Owns a Machine That Originally Cost $36,000

question 26

Multiple Choice

Burchells Ltd owns a machine that originally cost $36,000.It has been depreciated using the straight-line method for 3 years,giving an accumulated depreciation of $15,000 (the salvage value was estimated at $6,000 and the useful life at 6 years) .At the beginning of the current financial year its carrying value is therefore $21,000.It has been decided by the directors to revalue it to fair value,which is assessed to be $38,000.The salvage value and useful life are considered to be unchanged.What are the appropriate entries to record the revaluation and the depreciation expense for the current year (rounded to the nearest dollar) ?

Comprehend the calculation and purpose of front pay and back pay in employment disputes.

Recognize the legal implications of punitive damages in employment law.

Understand the limitations on the employer's right to terminate employment at will.

Grasp the conditions under which constructive discharge occurs.

---

Definitions:

Consumer Purchases

This term refers to the buying of goods and services by consumers for their personal use.

Price Elasticity Coefficient

A measure used in economics to show how the quantity demanded of a good or service responds to a change in its price, calculated as the percentage change in quantity demanded divided by the percentage change in price.

Elastic

Describes a situation where the demand or supply of a good or service is sensitive to changes in price.

Perfectly Elastic

A situation where the quantity demanded or supplied changes infinitely in response to any change in price.