Multiple Choice
Cara, Inc.purchased a building on January 1, 2011 for ₤ 500,000.The useful life of the building is 10 years.The asset is reported on the December 31, 2011 statement of financial position at ₤ 450,000.What was the impact of the adjusting entry recorded by Cara, Inc.?
A) Decreased Equity ₤ 50,000.
B) Increased Liabilities ₤ 50,000.
C) Increased Assets ₤ 50,000.
D) All of the choices are correct regarding the impact of Cara, Inc.'s adjusting entry at December 31, 2011.
Correct Answer:
Verified
Correct Answer:
Verified
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