In 2012, Waverley Corp

question 33

Multiple Choice

In 2012, Waverley Corp. set up a new manufacturing facility in Nova Scotia. To encourage Waverly to set up its factory, the province provided equipment with a fair value of $250,000 and an estimated useful life of 10 years using straight-line depreciation. What journal entry would be required in fiscal 2013, using the gross method?

• A)A credit to donation revenue of $25,000.
• B)A credit to other comprehensive income - donated assets of $25,000.
• C)A credit to other income - government grant of $25,000.
• D)A credit to depreciation expense for $25,000.

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Definitions:

Excisional Biopsy

A surgical procedure where an entire lump or suspicious area is removed for diagnostic examination.

Sentinel Lymph Node

The first lymph node to which cancer cells are likely to spread from a primary tumor, often used in surgeries to assess cancer spread.

Needle Biopsy

A minimally invasive procedure where a small sample of tissue is collected for examination using a needle.