On December 31, Strike Company Has Decided to Discard One

question 36

Multiple Choice

On December 31, Strike Company has decided to discard one of its batting cages. The initial cost of the equipment was $310,000 with an accumulated depreciation of $260,000. Depreciation has been taken up to the end of the year. The following will be included in the entry to record the disposal.

• A) Accumulated Depreciation Dr. $310,000
• B) Loss on Disposal of Asset Dr. $260,000
• C) Equipment Cr. $310,000
• D) Gain on Disposal of Asset Cr. $50,000

Understand how different factors of production are not equally suited for producing all types of goods and the implications of this for the economy.

Understand the concept of economic growth as indicated by shifts in the production possibilities frontier.

Identify and explain the concept of opportunity cost and how it varies with different production choices.

Recognize the implications of producing at various points on or inside the production possibility frontier (PPF) in terms of efficiency, unemployment, and resource utilization.

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Definitions:

Monogenetically

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Twin Studies

involve research on identical and fraternal twins to evaluate the relative contributions of genetics and environment to physical and psychological traits.

Minnesota Multiphasic Personality Inventory

A comprehensive psychological test that assesses personality traits and psychopathology.

Psychological Disorders

Mental disorders characterized by patterns of thought, feeling, and behavior that are disruptive, distressing, and impair one's ability to function.