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

question 48

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:

-Controlling interest share in consolidated net income for 2014 was

• A)$121,000.
• B)$125,000.
• C)$131,000.
• D)$143,000.

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Definitions:

Phenol

A toxic, acidic compound with a hydroxyl group (-OH) bonded directly to an aromatic hydrocarbon group.

Cyclopentanol

A cyclic alcohol with the molecular formula C5H10O, consisting of a five-membered ring with a hydroxyl group attached.

Phenols

Organic compounds consisting of a hydroxyl group (-OH) attached directly to an aromatic hydrocarbon group.

Acidity

Refers to the measure of a substance's ability to donate a proton or accept an electron pair in chemical reactions.