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 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?

13. Dotel Company’s 12/31/26 balance sheet reports assets of $12,000,000 and liabilities of $5,000,000. All of Dotel’s assets’ book values approximate their fair value, except for land, which has a fair value that is $800,000 greater than its book value. On 12/31/26, Egbert Corporation paid $12,200,000 to acquire Dotel. What amount of goodwill should Egbert record as a result of this purchase?

When a tenant rents property from a landlord, the property is known as the ________.

5. When an improvement to a piece of equipment extends the equipment’s useful life without increasing its productive capacity, the cost of the improvement should be

Samson is the vice president of a large national bank whose stock is publicly traded. Before it becomes public knowledge, Samson finds out that the bank is being investigated by the Securities and Exchange Commission (“SEC”) for largescale securities fraud and suspects this unsettling news is going to cause the bank’s stock price to tank once the general public finds out. Samson tells his cousin Michelle about the bank’s investigation, and Michelle promptly sells all her shares of stock in the bank. Samson was aware that Michelle owned a significant amount of the bank’s stock and Michelle was aware that Samson told her about news of the bank’s fraud investigation before the general public was supposed to know about it. One month after Michelle sells her stock, news of the SEC’s investigation into the bank becomes public knowledge and the bank’s stock plummets as a result. Has Michelle committed insider trading?

1. When computing the amount of interest cost to be capitalized, the concept of “avoidable interest” refers to