Fort Owns 70% of the Outstanding Common Shares of Sort

question 36

Multiple Choice

Fort owns 70% of the outstanding common shares of Sort.On December 30,20X3,Sort sold some equipment to Fort for $100,000.The equipment had been purchased by Sort for $120,000 in 20X2,had accumulated amortization of $30,000 and a six-year remaining life at December 31,20X3.Both companies record a full year of amortization expense for assets purchased in the first half of the year and no amortization on assets purchased in the last half of the year.Equipment for Fort and Sort on their separate-entity balance sheets at December 31,20X3 was as follows:

On December 31,20X6,Fort sold the equipment to an outside company for $65,000.What is the gain on sale of equipment to be reported on the consolidated income statement for the year ended December 31,20X6?

• A)$10,500
• B)$14,000
• C)$15,000
• D)$20,000

Understand the processes and bases of political power and authority across different societies.

Grasp the impact of political dynamics on cultural and societal shifts, including the emergence of movements and the fall of institutions.

Differentiate between the stability and change within political organizations and the factors contributing to these.

Appreciate the role of sanctions, laws, and informal means of controlling and maintaining social order.

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Definitions:

Reciprocal Determinism

a concept in psychology that individuals and their behavior are shaped by the interaction between personal factors, their environment, and their behavior.

Defense Mechanisms

Psychological strategies unconsciously used by individuals to protect themselves from anxiety and to manage emotional conflict and internal or external stressors.

Psychosexual Stages

A Freudian theory describing the stages of a child's development, each characterized by the erogenous zone that is the source of the child's psychosexual energy.

Fixations

Persistent focus on an earlier psychosexual stage due to unresolved conflicts, as per Freudian theory.