When converting an income statement from a cash basis to an accrual basis, which of the following is incorrect? a. An adjustment for depreciation reduces net income b. A decrease in salaries payable decreases net income c. An increase in accrued payables decreases net income d. A reduction in prepaid expenses decreases net income

Russell's is considering purchasing $697,400 of equipment for a four-year project. the equipment falls in the five-year macrs class with annual percentages of .2, .32, .192, .1152, .1152, and .0576 for years 1 to 6, respectively. at the end of the project the equipment can be sold for an estimated $135,000. the required return is 13.2 percent and the tax rate is 23 percent. what is the amount of the aftertax salvage value of the equipment assuming no bonus depreciation is taken