When comparing FIFO with LIFO, which of these arguments is incorrect? (Assume rising prices.)

Taylor Corporation has determined that a printing press that it purchased in 2008 for $400,000 has become partially obsolete due to newer equipment purchased in 2010. The press had a book value of
$ 160,000 at December 31, 2010. At the end of the press' life, the estimated value is $40,000, and the net future cash flows from using the machine are estimated to be $90,000. These cash flows have a present value of $73,800 and $32,200, from the future cash flows and residual value, respectively. What amount should Taylor record as "loss due to asset impairment" (Under U.S. GAAP)?

Which one of the following is true?

If trades can be arranged only when the market is open, such a market is called a:

Suppose that initially, the equations for demand and supply are Qd = 48 - 4P and Qs = 4P - 16, respectively. If the quantity supplied decreases by 4 at every price (so that the supply curve shifts to the left), the equilibrium price will change from: