Southern company owns a building that it leases to others. the building’s fair value is $2,150,000 and its book value is $1,400,000 (original cost of $2,750,000 less accumulated depreciation of $1,350,000). southern exchanges this for a building owned by the eastern company. the building’s book value on eastern’s books is $1,550,000 (original cost of $2,350,000 less accumulated depreciation of $800,000). eastern also gives southern $215,000 to complete the exchange. the exchange has commercial substance for both companies.

required:
prepare the journal entries to record the exchange on the books of both southern and eastern. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

You are at a holiday dinner with your family. your relative makes the argument that the u.s. economy is resurgent and has recovered from the great recession of 2007 – 2009. economic growth, as measured by gdp, has been increasing from one quarter to the next. you beg to differ. how would you structure your argument with your relative? hint: you should think about two things, the accuracy of gdp measures, and whether gdp should be considered a comprehensive measure of a countries well-being.

Which of the following is a problem for the production of public goods?

About time delivery co. incurred the following costs related to trucks and vans used in operating its delivery service: classify each of the costs as a capital expenditure or a revenue expenditure. 1. changed the oil and greased the joints of all the trucks and vans. 2. changed the radiator fluid on a truck that had been in service for the past four years. 3. installed a hydraulic lift to a van. 4. installed security systems on four of the newer trucks. 5. overhaul the engine on one of the trucks purchased three years ago. 6. rebuilt the transmission on one of the vans that had been driven 40,000 miles. the van was no longer under warranty. 7. removed a two-way radio from one of the trucks and installed a new radio with a greater range of communication. 8. repaired a flat tire on one of the vans. 9. replaced a truck's suspension system with a new suspension system that allows for the delivery of heavier loads. 10. tinted the back and side windows of one of the vans to discourage theft of contents.