Accounting for interest expense should reflect

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Reference no: EM131289516

1. Accounting for interest expense should reflect the true economics of the borrowing, rather than the contractual rate. Why? Discuss

2. Suggest three key procedures, and explain all three, involving internal control of property, plant, and equipment that do not relate specifically to accounting records?

3. An asset which costs 38,800 and has accumulated depreciation of 8,000 is sold for 21,600. What amount of gain or loss will be recognized when the asset is sold?

Reference no: EM131289516

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