Lance Brethers Enterprises acquired $190,000 ef3itt: bends, dated Julv1, en Julv1, 2010, as a leng
term investment. Management hasthe pesitive intent and abilitvte held the bends until maturitv. The
market interest rate cfw_vieldtwas 4% fer bends efsimila
Funseth Farms Inc. purchased a tractor in 2013 at a cost of$30,000. The tractorwas sold for$3,000 in
2010. Depreciation recorded through the disposal date totaled $20,000.
1. Prepare the journal entryr to record the sale.
Tammy and Daniel, when Connect says "do not round intermediate calculations", it typically means "don't hit the
equal sign until the very end".
In this case, the "straight line rate" is 1/6, so double this is 2/6 or 1/3. We are further only calculating th
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topic 6 area of Handouts
Nature of Investments