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Plant acquisitions for selected companies are presented below. **1.** Natchez Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Vivace Co., for a lump-sum price of $680,000. At the time of purchase, Vivace’s assets had the following book and appraisal values. $$ \begin{array}{lrr} & \textbf{Book Values} & \textbf{Appraisal Values}\\ \\ \text{Land} & \$200,000 & \$150,000\\ \text{Buildings} & 230,000 & 350,000\\ \text{Equipment} & 300,000 & 300,000\\ \end{array} $$ To be conservative, the company decided to take the lower of the two values for each asset acquired. The following entry was made. |Land|150,000|| |--|--:|--:| |Buildings| 230,000|| |Equipment| 300,000|| |$\quad$Cash||680,000| **2.** Arawak Enterprises purchased store equipment by making a $2,000 cash down payment and signing a 1-year,$23,000, 10% note payable. The purchase was recorded as follows. |Equipment|27,300|| |--|--:|--:| |$\quad$Cash||2,000| |$\quad$Notes Payable||23,000| |$\quad$Interest Payable||2,300| **3.** Ace Company purchased office equipment for $20,000, terms 2/10, n/30. Because the company intended to take the discount, it made no entry until it paid for the acquisition. The entry was: |Equipment|20,000|| |--|--:|--:| |$    $Cash||19,600| |$    $Purchase Discounts||400| **4.** Paunee Inc. recently received at zero cost land from the Village of Cardassia as an inducement to locate its business in the Village. The appraised value of the land is$27,000. The company made no entry to record the land because it had no cost basis. **5.** Mohegan Company built a warehouse for $600,000. It could have purchased the building for$740,000. The controller made the following entry. |Buildings|740,000|| |--|--:|--:| |$\quad$Cash||600,000| |$\quad$Profit on Construction||140,000| **Instructions** Prepare the entry that should have been made at the date of each acquisition.

Seven performers A, B, C, D, E, F, and G are to appear in a fund raiser. The order of performance is determined by random selection. Find the probability that

a.D will perform first.\textbf{a.}\hspace{10pt}\text{D will perform first.}

b.E will perform sixth and B will perform last.\textbf{b.}\hspace{10pt}\text{E will perform sixth and B will perform last.}

c.The comedians will perform in the following order:C, D, B, A, G, F, E.\textbf{c.}\hspace{10pt}\text{The comedians will perform in the following order:C, D, B, A, G, F, E.}

d.CF or G will perform first.\textbf{d.}\hspace{10pt}\text{CF or G will perform first.}


Answered 2 years ago
Answered 2 years ago
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The situation describes permutation because the order in which the comics perform is important. We can use the Fundamental Counting Principle to find the number of permutations: The number of ways in which successive things can occur is found by multiplying the number of ways each thing can occur.

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