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Question - Abby Corporation acquired a new processing machine. Details of the acquisition are as follows: Invoice cost, terms, 5% discount if payment is made in 30 days. The company did pay within the discount period, P300,000, Cost of transporting the machine to the corporation's factory, P5,000. Cost of installation (which includes additional P2,000 incurred due to negligence of the workers), P11,000. The corporation's chief engineer spent one-fourth of his time during trial runs of the new machine, his monthly salary is P22,000. The company paid P1,000 for removing the old machine. (The old machine was sold for less than its book value.) At what amount should Abelard Corporation capitalize the new processing machine?
Kroger Co.'s 2007 financial statements contained the following data (in millions).
Flip uses the periodic method and had the following inventory events during January:
Izabelle and Marta are forming a partnership. Izabelle will invest a piece of equipment with a book value of $5,000 and a fair market value of $15,000. Marta will invest a building with a book value of $30,000 and a fair market value of $35,000.
the adams independent school district wants to sell a parcel of unimproved land that it does not need. its three best
Make the adjusting entry to shift the current installment of the long-term note payable to a current liability. Also accrue interest expense at year end.
what is the difference between external and internal pricing? what factors must be considered when setting internal
Assuming the land had a fair value on January 1, 2011, of $200,000 and could be leased alone for $30,000, prepare journal entries for Cook Textiles for 2011.
The rules are specific. How are extraordinary items different from some other irregular items that you occasionally see on a corporate income statement?
Tanya selected $3,360 ($280 per month) of parking, $1,840 in 401(k) contributions, and $800 of cash. How much must Tanya include in taxable income
Review the accounting treatment and prepare the report.- Report should be in letter format. -
On 31 July 2019 Rabbit acquires a new machine, What will be recorded in Rabbit's financial statements at 30 June 2020 in respect of the lease liability?
Required - Write a memorandum to respond to Anne's query regarding how to recognize the research and development costs
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