Albatross Services Scrapped a Van

question 35

Multiple Choice

Albatross Services scrapped a van.The van originally cost $40,000,had an estimated salvage value of $1,000,and an estimated life of 10 years.At the time it was scrapped,it was fully depreciated.What was the effect of scrapping the van?

• A) Gain of $2,000
• B) No gain or loss
• C) Loss of $1,000
• D) Loss of $2,000

Understand the concept of deadweight loss in market transactions.

Understand the basic terminology and structure related to the auditory system.

Identify the roles and functions of the auditory nerve and parts of the external, middle, and inner ear.

Recognize the medical and surgical interventions associated with hearing disorders.

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Definitions:

Customer's Negligence

Refers to situations where a customer fails to exercise reasonable care, leading to loss or damage.

Drawn Originally

Refers to the primary or initial creation or drafting of a document or artifact.

Expedited Funds Availability Act

A United States federal law designed to regulate the amount of time a bank can hold deposited funds before making them available to the depositor.

Federal Reserve

The central bank of the United States, responsible for monetary policy, regulation of financial institutions, and maintenance of financial stability.