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:

Confront

To face or deal with a challenge or obstacle directly, often in a way that involves addressing conflicts or difficult issues.

Forming Stage

The initial phase in group development characterized by members' orientation, getting acquainted, and exploring boundaries.

First Step

The initial action or decision undertaken to start a process or achieve an objective.

Group Development

The process by which a group forms, progresses, and changes over time, typically moving through stages such as forming, storming, norming, performing, and adjourning.