A company decided to use the units of production method to calculate depreciation on a car to be driven by the sales manager. The amount of annual depreciation will vary with the
A. age of the car.
B. balance in accumulated depreciation.
C. number of miles the car is driven.
D. amount of maintenance expense incurred on the car.
E. number of oil changes the car has.
Ans: C. number of miles the car is driven.
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On January 1, 2016, Rhoda Corporation sells $1,000,000, 7%, 10 year bonds at 103. The journal entry to record the bond issuance will include:
A. debit to Cash for $1,030,000 B. debit to Bonds Payable for $1,000,000 C. debit to Premium on Bonds Payable for $30,000 D. credit to Bonds Payable for $1,030,000
Regal Marine's attempts to keep in touch with customers and respond to the marketplace are made impossible because consumer tastes change and maritime engineering improves
Indicate whether the statement is true or false