On August 1, 2020, Chapelle Corp

question 9

Multiple Choice

On August 1, 2020, Chapelle Corp. purchases a new machine. The company makes a $ 7,200 cash down payment, and agrees to pay four monthly instalments of $ 10,800 each, starting September 1, 2020, signing a non-interest-bearing note to this effect. The cash equivalent price of the machine is $ 43,200. As well, Chapelle pays installation costs of $ 1,200. The recorded cost of the machine should be

• A) $ 8,400.
• B) $ 44,400.
• C) $ 50,400.
• D) $ 51,600.

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Definitions:

Intermediate Scrutiny

A standard of judicial review that requires laws to further an important government interest in a way that is substantially related to that interest, used primarily in equal protection and due process cases.

Commercial Speech

Speech communicated by or on behalf of a company or individual for the purpose of promoting a product, service, or business. It is economic in nature and usually has the intent of convincing the audience to partake in a particular action, such as purchasing a specific product.

Supreme Court

The highest judicial body in a country, typically having the ultimate authority to adjudicate appeals and significant legal questions.

Procedural Due Process

A legal doctrine in the United States that requires government officials to follow fair procedures before depriving a person of life, liberty, or property.