WC Purchased an Asset That Had a List Price of $25,000

question 8

Multiple Choice

WC purchased an asset that had a list price of $25,000 and a cash price of $22,500. WC paid for this asset by paying $3,750 cash and trading in an old asset that originally cost $37,500 (accumulated amortization to date, $19,000) . The two assets are dissimilar. WC should recognize a gain or loss of:

• A) $250 gain.
• B) $1,750 gain.
• C) $2,750 gain.
• D) $2,000 loss.

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Definitions:

Authoritarian Home

A family setting characterized by strict discipline and adherence to rules, often with little room for personal freedom or open communication.

Identity Status

A term referring to the various stages or conditions of an individual's identity development, including issues related to career, sexuality, and beliefs.

Authoritative Home

Refers to a family environment characterized by strict discipline, clear rules, and expectations, yet warmth, responsiveness, and support are also prominent.

Identity Statuses

The stages or conditions in the process of developing identity, typically explored in terms of youth and adolescents' exploration and commitment to values and roles.