Dodson Company traded in a manual pressing machine for an automated pressing machine and gave $24,000 cash. The old machine cost $279,000 and had a net book value of $213,000. The old machine had a fair value of $180,000. Which of the following is the correct journal entry to record the exchange? a. Equipment (new) 204,000
Loss on Disposal 33,000
Accumulated Depreciation 66,000
Equipment 279,000
Cash 24,000
b. Equipment (new) 204,000
Equipment 120,000
Cash 24,000
c. Cash 24,000
Equipment (new) 180,000
Loss on Disposal 33,000
Accumulated Depreciation 66,000
Equipment 303,000
d. Equipment (new) 369,000
Accumulated Depreciation 66,000
Equipment 279,000
Cash 24,000

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.

Why has the free enterprise system been modified to include some government intervention?

Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?