Iowa Industries Inc. Selected Data from the Financial Statements of Iowa Industries Inc.for

question 5

Essay

Iowa Industries Inc.
Selected data from the financial statements of Iowa Industries Inc.for the years ended December 31,2014 and 2013,are presented below.Also,certain assumptions are presented.Use these data and assumptions to answer the questions that follow.
Assumptions:
Review the data and assumptions for Iowa Industries Inc.
REQUIRED:
(A)What was the cost of the property,plant and equipment which was disposed of during 2014?
(B)What was the amount of accumulated depreciation on the property,plant and equipment disposed of during 2014?
(C)Assuming that the book value of the property,plant and equipment disposed of during 2014 was $76.9,what were the cash proceeds from the disposal of property,plant and equipment for 2014?

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Definitions:

Self-Fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true due to positive feedback between belief and behavior.

Self-Serving Bias

A cognitive bias that involves perceiving oneself in an overly favorable manner or attributing success to personal factors while attributing failures to external factors.

Actor-Observer Effect

The tendency to attribute one's own actions to external causes while attributing others' actions to internal factors.

Halo Effect

The cognitive bias that causes one's impression of a person to influence one's thoughts and feelings in unrelated areas.