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An American Company borrowed 1million Canadian dollars to finance the construction of an office building when the Canadian dollar was worth $1 US. At 10% interest, the American Company expected to pay back 1.1 million Canadian dollars which would cost $1.1 million US dollars. Unfortunately, based on changes in the value of the Canadian dollar, the American Company must pay $1.3 million US dollars to satisfy this debt. How will this $200,000 US dollar difference be shown on the American Company’s financial statements under GAAP? How would this have been shown if the American Company used IFRS? Which gives us more relevant information? Explain.
gopal was holding 100 shares of rs.10 each of a company on which he had paid rs3 on application ad rs.2 on allotmentbut
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Assuming an income tax rate of 40% for all years, the affect of this accounting change on prior periods should be reported by a credit of what?
Penn accordingly accounted for this lease transaction as a capital lease. The lease payments were determined to have a present value of $671,008 at an effective interest rate of 8%. With respect to this capitalized lease, Penn should record for 20..
Was the gain realized by the shareholder on the exchange recognized by the shareholder? Yes or no, and why or why not?
During the year, we received $7,000 in advance of performing the services. These services will be performed next year in 2009. Can you show the computation of revenue for 2008 on cash basis?
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Given the cash flow stream and lump-sum amounts associated with each, and assuming a 9 percent opportunity cost, which alternative (X or Y) and in which form (cash flow stream or lump-sum amount) would you prefer?
chabud corporation uses the weighted-average method in its process costing system. this month the beginning inventory
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