During the current year, martinez company disposed of two different assets. on january 1, prior to their disposal, the accounts reflected the following: asset originalcost residualvalue estimatedlife accumulateddepreciation(straight-li ne) machine a $ 76,700 $ 4,300 15 years $ 62,747 (13 years) machine b 20,500 2,100 8 years 13,800 (6 years) the machines were disposed of in the following ways: a. machine a: sold on january 2 for $20,500 cash. b. machine b: on january 2, this machine suffered irreparable damage from an accident and was removed immediately by a salvage company at no cost. required: 1. & 2. prepare the journal entries related to the disposal of machine a and b on january 2 of the current year. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)tip: when no cash is received on disposal, the loss on disposal will equal the book value of the asset at the time of disposal.

Forty-two percent of federal revenue comes from . income taxes paid by businesses and corporations make up about of federal revenue. taxes collected for social security and medicare make up of federal revenue.

Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $71,300. in determining her taxable self-employment income for the oasdi tax, how much of her net self-employment earnings must fess count? a. $74,500 b. $71,300 c. $53,900 d. $127,200 e. none of the above.

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inventory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a.prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price.b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1