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Algon Company owns a machine that cost $560,000, has a book value of 240,000, and an estimated fair value of 480,000. Nogal COmpany has a machine that cost 720,000 has accumulated depreciation of 400,000 and an estimated fair value of 640,000. Algon pays Nogal cash of 160,000. Assume the trade has commercial substance.
1. Record the exchange on Algon Company Books
2. Record the exchange on Nogal Company's Books
Prepare the entries if any on each of the three dividend dates. How are dividends and dividends payable reported in thefinancial statements prepared at December 31
Jasmine Corporation has ordinary income from operations of $60,000, net long-term capital gain of $20,000, and net short-term capital loss of $25,000. What is the taxable income for 2008?
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following: (a) Purchased merchandise costing $900 with terms 2/10, n/30. (b) Payment was made thirty days after the p..
Post journal entries for equity transactions and closing entries
Breakeven analysis isn’t very useful to a company because companies need to do more than break even to survive in the long run.” Explain why you agree or disagree with this statement.
a bank offers your firm a revolving credit arrangement for up to 68 million at an interest rate of 1.41 percent per
on february 1 2011 wolf inc. issued 10 bonds dated february 1 2011 with a face amount of 200000. the bonds sold for
Homeville Inc. has a sales budget for next month of $800,000. Cost of goods sold is expected to be 25 percent of sales. All goods are purchased in the month used and paid for in the month following purchase.
if total liabilities decreased by 15000 and owners equity increased by 5000 during a period of time then total assets
Present a position either in favor or against the policy of stating investments at fair market value and that the changes be recognized as either revenues or as expenditures. Please give a few examples.
Calculate cost of goods available for sale and cost of goods sold for the month.
deleon inc. is preparing its annual budgets for the year ending december 31 2014. accounting assistants furnish the
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