Minor Company Installs a Machine in Its Factory at the Beginning

question 122

Multiple Choice

Minor Company installs a machine in its factory at the beginning of the year at a cost of $135,000.The machine's useful life is estimated to be 5 years,or 300,000 units of product,with a $15,000 salvage value.During its first year,the machine produces 64,500 units of product.What journal entry would be needed to record the machines' first year depreciation under the units-of-production method?

• A)Debit Depletion Expense $25,800;credit Accumulated Depletion $25,800.
• B)Debit Depletion Expense $29,025;credit Accumulated Depletion $29,025.
• C)Debit Depreciation Expense $29,025;credit Accumulated Depreciation $29,025.
• D)Debit Depreciation Expense $25,800;credit Accumulated Depreciation $25,800.
• E)Debit Amortization Expense $24,000;credit Accumulated Amortization $24,000.

Comprehend the concept of ecological fallacy and its impact on epidemiological inference.

Recognize the importance of using multiple controls in case-control studies to reduce biases.

Describe the study design and purpose of case reports and case series in early identification of diseases or conditions.

Understand the methodology and applications of cross-sectional studies in epidemiology.

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Definitions:

Taxes

Mandatory contributions to state revenue, levied by the government on workers' income, business profits, or added to the cost of some goods, services, and transactions.

National Income

The total amount of money earned within a country from production and services over a specific time period.

Opportunity Cost

Dismissing potential benefits from other possible choices by focusing on one.

Scarce Resources

Natural or human resources that are limited in supply and cannot fulfill all wants and needs due to their finite availability.