Bennett Corporation sold a piece of equipment on June 30, 2021 for $350,000 cash. The equipment has been purchased on January 1, 2018 for $600,000. It had an estimated useful life of 10 years and a $50,000 salvage value. Bennett Corp. has been using the straight-line method of depreciation and has a year-end of December 31st. Prepare all necessary journal entries on June 30, 2021 assuming adjusting entries for depreciation expense have been properly recorded through December 31, 2020.

Amathematical approximation called the rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by its percentage rate of growth. thus, if mexico's real gdp per person is growing at 7 percent per year, it will take about 10 years(=70/7) to double. apply the rule of 70 to solve the following problem. real gdp per person in mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the u. s. if real gdp per person in mexico grows at the rate of 5 percent per year: how long will it take mexico's real gdp per person to reach the level that the united states was at in 2005? (hint: how many times would mexico's 2005 real gdp per person have to double to reach the u. s.'s 2005 real gdp per person?

Which of the following statements is correct? a) due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u. s. businesses (in terms of number of businesses) are organized as corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships. c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability

At a roundabout, you must yield to a. already in the roundaboutb. entering the roundaboutc. only if their turn signal is ond. only if they honk at you