Barber Corporation purchased all the assets of TECO Corporation for $1,820,000. An appraisal yielded the following: the building had a fair market value of $1,200,000; equipment a value of $1,000,000; and office equipment a value of $400,000.
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Thad Joslin was judged at fault in an automobile accident. Three others were awarded damages of $147,000, $79,000, and $74,000. Thad has 100/300 bodily injury liability coverage. What amount, if any, would not be covered by his insurance?
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McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2013, and received a computer that normally sells for $31,495. The note requires annual interest payments each December 31.
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