Hunter sailing company exchanged an old sailboat for a new one. the old sailboat had a cost of $110,000 and accumulated depreciation of $22,000. the new sailboat had an invoice price of $124,000. hunter received a trade-in allowance of $96,000 on the old sailboat, which meant the company paid $28,000 in addition to the old sailboat to acquire the new sailboat.

if this transaction lacks commercial substance, what amount of gain or loss should be recorded on this exchange?

a. $8,000 loss

b. $8,000 gain

c. $88,000 loss

d. $0 gain or loss

e. $96,000 gain

Sean has placed a job ad and is now interviewing potential employees. which of the following questions is he legally allowed to ask during the interview? do you have any disabilities that will require special accommodation? how many children do you have? where did you earn your degree and how has it prepared you for this position? is this your maiden name that you have listed on the job application?

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

The cost of direct labor used in production is recorded as a? a. credit to work-in-process inventory account. b. credit to wages payable. c. credit to manufacturing overhead account. d. credit to wages expense.