George Young Industries (GYI) acquired industrial robots at the beginning of 2018 and added them to the company’s assembly process. During 2021, management became aware that the $2.8 million cost of the equipment was inadvertently recorded as repair expense on GYI’s books and on its income tax return. The industrial robots have 10-year useful lives and no material salvage value. This class of equipment is depreciated by the straight-line method for financial reporting purposes and for tax purposes it is considered to be MACRS 7-year property. Cost deducted over 7 years by the modified accelerated recovery system as follows:

The tax rate is 25% for all years involved.

Required:
1. & 3. Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for 2021 depreciation.
2. Will GYI account for the change (a) retrospectively or (b) prospectively?

• Record the correcting entry.
• Record the 2021 adjusting entry for depreciation

George Young Industries (GYI) acquired industrial robots at the beginning of 2015 and added them to the company’s assembly process. During 2018, management became aware that the $2.0 million cost of the machinery was inadvertently recorded as repair expense on GYI’s books and on its income tax return. The industrial robots have 10-year useful lives and no material salvage value. This class of equipment is depreciated by the straight-line method for financial reporting purposes and for tax purposes it is considered to be MACRS 7-year property. Cost deducted over 7 years by the modified accelerated recovery system as follows:

The tax rate is 40% for all years involved.

Required:
1. & 3. Prepare any journal entry necessary as a direct result of the error described and the adjusting entry for 2018 depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

State University employs a large number of graduate students to work as teaching assistants. The teaching assistants often complain about their work. They feel that faculty and administrators demand too much. A common complaint is their low wages. The graduate students frequently point out that they do much the same work as faculty members, yet they receive only a very small percentage of the pay that faculty members receive. They also claim that faculty members frequently treat them unfairly. Teaching assistants are often asked to do large amounts of grading in very short time periods. Many also feel that faculty members are not very good at communicating expectations.

In response to the dissatisfaction of the teaching assistants, a local union representing public workers has begun efforts to organize a labor union. Union representatives have obtained campaign card signatures from 40 percent of the teaching assistants. An election is scheduled for next month. Union representatives have been busy making a case that the union can help ensure that teaching assistants are treated more fairly. They have publicized statistics showing that unionized workers make significantly more than nonunionized workers. University administrators have decided not to actively oppose union organization. They have simply stated that it is important for teaching assistants to have the opportunity to decide whether they should be represented by a labor union.

Some faculty members are sympathetic to the concerns voiced by graduate students. They publicly state their concern that wages are too low. They also express frustration when they see some of their colleagues take advantage of students by assigning them large amounts of work to complete in short time periods. Other faculty members are less sympathetic. These professors talk about how they were treated even worse when they were graduate assistants. They seem to find joy in looking back and telling war stories about “the old days.” They seem to think that working hard for little pay is a right of passage that helps prepare students for future careers. Overall, the faculty at State University thus seems to be about evenly split in their support for student efforts to unionize.

A majority of the undergraduate students at State University don't seem to know anything about the unionization efforts. A few politically active students have joined public rallies supporting the unionization efforts. Others seem to have used the unionization issue to complain about the quality of teaching provided by graduate students. These students recently met with administrators to complain about having too many graduate students as instructors. Just last week the local newspaper printed an article detailing some of the problems experienced when courses are taught by graduate students.

As a community, State University thus seems to be quite divided over the unionization issue. No matter who prevails in the election, it seems likely that a large number of people will be unhappy with the result.

Question:

Do you think a union would help resolve the complaints of the teaching assistants?

What makes the position of teaching assistant different from many jobs frequently represented by unions?

Do you think the administration's response is appropriate?

If you were a graduate student at State University, would you vote for the union? Why?

When most of us think of Amazon, we think about what we, as consumers, can buy there— currently, just about anything. But Amazon is much more than just a company that supplies consumers with books, household products, clothing, and so forth. Describe Amazon's business-to business (B2B) transactions.

Discuss the origin and trends in retirement plans in the US. Compare and contrast qualified and non-qualified plans as well as defined benefit versus defined contribution, and hybrid plans.

How can employers leverage retirement plans to their advantage?

How would you leverage a retirement plan within a company you are running?

PLEASE NOTE: THE QUESTION HAS BEEN POSTED BEFORE. I WOULD LIKE A FRESH TAKE ON IT AS THE PREVIOUS ANSWER WAS NOT CLEAR ENOUGH. HERE IS THE QUESTION:

Give an example to explain why a US company might wish to enter into a fixed rate currency swap, paying Euros and receiving fixed- rate Sterling.