Machine with a Useful Life of 5 Years and a Residual

question 44

Essay

Machine with a useful life of 5 years and a residual value of $6,000 was purchased on January 3, 2007, for $48,500. The machine was sold on January 5, 2012, for $13,000.
(a)What is the book value of the machine on January 5,2012 , assuming straight-line depreciation is used?
(b)Tliustrate the effects on the accounts and the finmcial statements of the sale of the machine on J wnury $5,2012$ .
(c)Illustrate the effects on the accounts and the finencial statements of the sale of the machine if it had been sold for $\$ 18,000$ instead

Understand the impact of societal values and individual attitudes on behavior.

Differentiate between terminal and instrumental values and their significance in personal and professional life.

Recognize the role of feedback in improving performance and communication clarity.

Comprehend the concept of job performance and its relationship to job satisfaction.

---

Definitions:

Legal Assistance

Professional legal support and services provided to individuals or organizations, often to help navigate legal issues or disputes.

Homogeneous Oligopoly

An oligopoly in which firms produce a standardized product.

Countervailing Power

The ability of a market participant or group to counteract the power of another, leading to a balance and preventing monopolistic practices.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a specific target market.