A Few Years Ago, Locke Ltd

question 8

Multiple Choice

A few years ago, Locke Ltd. purchased a machine from its wholly owned subsidiary, Dubois Ltd., for $90,000. Locke has just sold the machine to an unrelated party for a $15,000 gain. At the time of the sale, there was still an unrealized gain of $50,000 from the purchase from Dubois. With this sale of the asset to the unrelated party, what is the amount of gain that should be recognized on Locke's consolidated financial statements?

• A)$15,000
• B)$50,000
• C)$55,000
• D)$65,000

Identify the factors contributing to globalization.

Understand the dynamics of wealth distribution and inequality in the context of globalization.

Understand the legal framework and implications of breach of contract in corporate law.

Understand the principles of corporate existence, including the impact of stock transfers and the concept of perpetual existence.

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Definitions:

Employment Equity

Policies and practices aimed at increasing job opportunities and fairness for all individuals, particularly those in minority or marginalized groups.

Gender Equality

An environment where there is equitable access to opportunities and resources for all genders, covering economic engagement and the ability to make decisions.

Processing Plant

An industrial facility where raw materials are processed and transformed into finished goods.

Wages

The monetary compensation paid by an employer to an employee in exchange for work done.