Avalon Industries buys equipment for $64,000, expects to use it for four years, and then sell it for $6,400. Using the straight-line method, the company should report annual depreciation for the equipment of:
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Ответ:
$14400
Explanation:
The annual depreciation will be calculated as:
= (Cost-Salvage value)/Useful Life
where,
Cost = $64000
Salvage value = $6400
Useful life = 4
= (Cost-Salvage value)/Useful Life.
= ($64000 - $6400)/4
= $57600/4
= $14400
The annual depreciation is $14400
Ответ:
Yes, Kevin has an enforceable security interest
Explanation:
Judging from the perception of simple contract, which is a legally binding contract on parties that have entered into it,for the contract to be legally enforceable the following conditions must be met.
There must be an agreement between parties involved,this is demonstrated by Kevin offering to loan Francine $1500, which was met the latter's acceptance.
Consideration is when both parties promises to give something of value in exchange for value received, which is also satisfied in this case,as Francine promises to return $1500 in exchange for same amount borrowed and by extension Kevin has right to repossess the cart.
Lastly, both parties intended to create legally enforceable relations as well the fact that they are both capable (of age) and the transaction entered is legal in law parlance.
In conclusion, the above points show that Kevin has an enforceable security interest.