Upon discovering a latent defect in a property, the Broker Alice should discuss the problem with seller Juan and then
A) tell him that the defect must be repaired.
B) arrange for the repairs herself.
C) inform any prospective buyers of the defect.
D) contact the city building inspector about the defect.
Answer: C) inform any prospective buyers of the defect.
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Greg's Copy Shop bought equipment for $60,000 on January 1, 2006. Greg estimated the useful life to be 3 years with no salvage value, and the straight-line method of depreciation will be used. On January 1, 2007, Greg decides that the business will use the equipment for a total of 5 years. What is the revised depreciation expense for 2007?
a. $20,000 b. $8,000 c. $10,000 d. $15,000
Unethical business practices involve the tacit, if not explicit, _____________
Fill in the blank(s) with the appropriate word(s).