On Jan 1, 2017, Kevin Co. purchased machinery. The machinery has an estimated useful life of nine years and an estimated residual value of $45,000. Kevin Co. uses double-declining balance depreciation for all their machinery, and recorded $77,000 depreciation expense for 2017. The acquisition cost of the machinery was

1)	$346,500.00

2)	$738,000.00

3)	$391,500.00

4)	$685,000.00

Which of the following statement regarding not-for-profit (NPO) organizations is false?

1)	Unlike for-profit corporations, NPOs have no owners.

2)	NPOs are generally tax-exempt.

3)	The primary mission for NPO is to provide services to meet the needs of its members.

4)	Net income is an effective indicator of NPOs' profitability.

When a company is unlikely to lose the lawsuit, the company

1)	must be recognized as a provision, and disclosure of the provision is also required.

2)	does not need to be recognized as a provision, and no disclosure is required.

3)	does not need to be recognized as a provision, but disclosure is required.

4)	must be recognized as a provision, but no disclosure is required.