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4. Byers Manufacturing has equipment that cost $660,000 and has accumulated depreciation of$300,000. When the equipment has a fair value of $600,000, it is exchanged for equipment with a fair value of $400,000, and $200,000 cash is received. The exchange lacked commercial substance. The gain to be recognized from the exchange is

Which of the following is false regarding the potential liability of a landlord?

Regarding unpaid rent, what is the difference between an assignment and a sublease?

 11. The recoverability test is used to determine any impairment loss on which of the following types of intangible assets?

Refer to question 22 above. 22b. Total amount of interest cost to be capitalized during 2020.

 3. Equipment that cost $150,000 on January 1, 2025 was disposed of for $25,000 in cash. Theaccumulated depreciation at the time of the sale was $130,000. The entry to record the salewould include a

16. Which of the following situations may give rise to unearned revenue?

Refer to question 24 above. 24a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019, assuming Pharoah will continue to use the asset in the future. (If no entry is required, write “No Entry” for the account titles and enter 0 for the amounts.) Dr. [v1] [v3] Cr. [v2] [v4]

Lawrence has been evicted twice in the last five years for failure to pay rent. In both of those circumstances, the reason Lawrence failed to pay rent was because he was fired from his job and lost his source income that he used to pay rent. He is now applying to rent an apartment from Sophia and he has explained to Sophia that although he has been evicted twice in the past for failure to pay rent, in both situations he would have continued paying rent if he had the money to do so. He also tells Sophia that he now has a stable job and does not expect to be fired anytime soon, so she should feel confident that he will be able to pay rent if she lets him rent the apartment from her. Still, Sophia refuses to rent the apartment to Lawrence. Lawrence is now suing Sophia under the Fair Housing Act for her failure to rent the apartment to him. Who will win this lawsuit?

 14. Twilight Corporation acquired EOW Products on January 1, 2025 for $6,400,000, and recorded goodwill of $1,200,000 as a result of that purchase. At December 31, 2026, the EOW Products Division had a fair value of $5,440,000. The net identifiable assets of the Division (including goodwill) had a carrying value of $5,740,000 at that time. What amount of loss on impairment of goodwill should Twilight report in 2026?