Singh Ltd Is a Wholly Owned Subsidiary of Ross Co $$\begin{array} { | c | c | } \hline \text { DR Retained earnings } & 37,500 \\\hline \text { CR Machine } & 87,500 \\\hline\end{array}$$

question 37

Multiple Choice

Singh Ltd. is a wholly owned subsidiary of Ross Co. At the beginning of 20X4, Ross acquired a machine for $350,000 and sold it to Singh for $437,500. The machine will be depreciated over five years using the straight-line method with no residual value.
-Seven years after Singh bought the machine from Ross, the machine is still in use. In preparing its consolidated financial statements, what entry should Ross make?

• A) \[\begin{array} { | c | c | }
• \hline \text { DR Retained earnings } & 37,500 \\
• \hline \text { CR Machine } & 87,500 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | c | }
• \hline \text { DR Accumulated depreciation-machine } & 37,500 \\
• \hline \text { CR Machine } & 87,500 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l| c | }
• \hline \text { DR Retained earnings } & 37,500 \\
• \hline \text { CR Accumulated depreciation } & 87,500 \\
• \hline
• \end{array}\]
• D)No entry is required at this time.

Identify the layers of cells in the embryo and their developmental significance.

Understand the effects of teratogens on prenatal development.

Recognize the importance of the germinal period in prenatal development.

Understand the implications of substance use during pregnancy on infant development and health.

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Definitions:

Damage

The monetary compensation required by law to be paid to an individual or entity as restitution for harm or injury they have incurred.

Indemnify

To compensate for harm or loss; in legal contexts, often involves a party agreeing to bear any losses or damages incurred by another party.

Third-party Claims

Third-party claims involve demands for compensation or legal action brought by someone who is not a direct party to a contract, usually in liability or insurance cases.

Insurance

A contract by which an insurance company, the insurer, promises to pay a sum of money or give something of value to another, either the insured or the beneficiary, to compensate for a specified loss.