On March 3, Cobra Inc. purchased a desk for $300 on account. On March 22, Cobra

$690

Explanation:

When the desk (assets) were purchased on account, the entries required are;

Debit Desk account and credit accounts payable.

When payment is made, debit the accounts payable account and credit bank.

As such, the payment of cash does not not affect the amount accounted for as cost of desk.

Hence cost of desk reported

= $300 + $390

= $690

$28 million

Explanation:

The amount that Ford Motor Company owes in taxes next year without the launch of the new SUV is = $80 million * 35% = $28 million. Because the SUV have not been launched, the operating loss associated with heavy advertising will not be considered.