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On January 1, 2012, Skyline Limousine Co. purchased a limo at an acquisition cost of $28,000. The vehicle has been depreciated by the straight-line method using a 4-year service life and a $4,000 salvage value. The company's fiscal year ends on December 31.
Instructions
Prepare the journal entry or entries to record the disposal of the limousine assuming that it was:
(a) Retired and scrapped with no salvage value on January 1, 2016.
(b) Sold for $5,000 on July 1, 2015.
Why should related party transaction be disclosed for a nonprofit organization, aren't we all working towards the common mission in an NPO?
sherwin company makes bicycles. various divisions make components and transfer them to the dayton division for assembly
Present some arguments to convince him that accounting data should still be based on cost.
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