Below Is Selected Information Taken from the Balance Sheet of LongLi

question 67

Essay

Below is selected information taken from the balance sheet of LongLi Corporation as of 12/31/06. $$\begin{array} { | l | c | l | } \hline & 12 / 31 / 05 & 12 / 31 / 06 \\\hline \text { Gross plant, property and equipment } & \$ 20,000 & \$ 25,000 \\\hline \text { Accumulated depreciation } & \$ 10,000 & \$ 10,000 \\\hline\end{array}$$
From the operating section of the statement of cash flows, you determine that the depreciation expense for the year was $2,000 and loss on sales of assets was $5,000. The investing section reveals that the company purchased equipment for $14,000 and sold equipment for $2,000.
In the footnotes to the financial statements, the company states:
At the beginning of 2006, we determined that the useful life of our assets was higher than originally believed. Accordingly we have increased the useful life from 10 years to 15 years in 2006.
a. What was the gross book value of the equipment that was sold?
b. What was the net book value of the equipment that was sold?
c. With respect to the change in the useful lives of the assets:
i. What is the effect on 2005's financial statements?
ii. What is the effect on 2006's financial statements?

Distinguish between single-factor and factorial research designs.

Identify the effects of independent variables on dependent variables in various research designs.

Comprehend the notion of main effect within the context of factorial research design.

Grasp the significance of simple effects in the analysis of factorial research designs.

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Definitions:

Metabolism

The complex of life-sustaining chemical reactions in organisms for converting food to energy, building molecules, and eliminating waste products.

Cellular Processes

Biological activities and mechanisms that occur within living cells to sustain life and promote growth and function.

Living Tissue

Biological material consisting of cells and extracellular components that perform specific functions in the body.

Hypertension

A chronic medical condition characterized by elevated blood pressure, which increases the risk of heart disease, stroke, and other health issues.