A Company Owns an Operational Asset Acquired on January 1

question 11

Multiple Choice

A company owns an operational asset acquired on January 1, 2006 at a cost of $10,000. It had an estimated useful life of 5 years, no residual value, and was being depreciated on a straight-line basis. On December 31, 2007, it was determined that the total useful life would be 4 years. The following adjusting entry (assuming no adjusting entries have been made) for the accounting year ended December 31, 2007 should be made (rounded to the nearest dollar) : $\begin{array}{|l|l|l|l|}\hline 1&\text { Depreciation expense } & 2,667 & \\\hline &\text { Accumulated depreciation } & & 2,667 \\\hline 2&\text { Depreciation expense } & 2,000 & \\\hline &\text { Accumulated depreciation } & & 2,000 \\\hline 3&\text { Retained Earnings } & 500 & \\\hline &\text { Accumulated depreciation } & & 500 \\\hline 4&\text { Retained Earnings } & 667 & \\\hline &\text { Accumulated depreciation } & & 667 \\\hline\end{array}$

• A) Choice 1
• B) Choice 2
• C) Choice 3
• D) Choice 4

Recognize the importance and benefits of prenegotiating certain elements of the negotiation protocol.

Describe the seven key steps to an ideal negotiation process, as suggested by Greenhalgh.

Explain the benefits and potential strategic value of offering concessions during negotiations.

Assess the risks associated with making assumptions about the other party’s negotiating behavior.

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Aphasic

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Williams Syndrome

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Past Tense

A grammatical term indicating that an action or condition occurred at a specific time in the past.