1) What legislation requires the implementation and attestation of internal controls for publicly traded companies?

2) What two principles of GAAP apply to accounting for bad debts?

3) October 1, a company purchases a building for $160,000, $10,000 salvage value, and 15-year useful life. On October 1 of year 6, the asset book value is $110,000, and management determines the salvage value should be $25,000 instead of $10,000.

3A. What should depreciation be for the last 3 months of the year?

3B. Record depreciation for the Part A.

Answer rating: 100% (QA)

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