Carts Corporation is production process. TH spent in various produe Activity Inspection Storage. Assembly Handling Painting Packaging

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Q: requirements

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Q: Explanation 1031 like-kind exchange

A:

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Q: Journalize the entries to record

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.