Use the Following Information to Answer the Question(s) Below

question 29

Multiple Choice

Use the following information to answer the question(s) below.

On January 1, 2012, Shrimp Corporation purchased a delivery truck with an expected useful life of five years, and a salvage value of $8,000. On January 1, 2014, Shrimp sold the truck to Pacet Corporation. Pacet assumed the same salvage value and remaining life of three years used by Shrimp. Straight-line depreciation is used by both companies. On January 1, 2014, Shrimp recorded the following journal entry:

-In the eliminating/adjusting entries on consolidation working papers for 2014,the Truck account was

• A)debited for $3,000.
• B)credited for $3,000.
• C)debited for $15,000.
• D)credited for $15,000.

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Definitions:

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Eateries specializing in the preparation and serving of sushi, a Japanese dish featuring vinegared rice combined with various ingredients such as seafood and vegetables.

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A global fast food restaurant chain known for its burgers, fries, and as a symbolic representation of American capitalism.

Cultural Diffusion

The transmission of cultural values and societal practices among different groups.

Material Culture

The physical objects, resources, and spaces that people use to define their culture, including buildings, artworks, tools, and clothing.