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On January 1, 2020, Blossom Inc. sold a piece of equipment to Crane Ltd. for $159,000, and immediately leased the equipment back. At the time, the equipment was carried on Blossom's books at a cost of $238,000, less accumulated depreciation of $95,000. The lease is a capital lease to Blossom, with a lease term of 5 years. The equipment under capital lease will be depreciated in Blossom's books over five years using double-declining balance depreciation. Problem a) Calculate the amortization of the deferred gain on sale to be recorded at the end of 2020, if Blossom follows ASPE
Problem b) Assume that 30% of the gain related to the rights transferred to Crane and 70% related to the right to use the equipment retained by Blossom. Calculate the amount of gain to be recognized by Blossom under IFRS 16
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Prepare comparative retained earnings statements for Madrasa Inc. for 2013 and 2014. The company had retained earnings of $200,000 at December 31, 2012.
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Morganton Company makes one product and it provided the following information to help prepare the master budget for its first four months of operations: Forty percent of credit sales are collected in the month of the sale and 60% in the following mon..
Be sure to address the overhead allocation base that you would suggest for the company to use by presenting an example of how your type of business would account for overhead and prepare a sample journal entry to dispose of any under- or overapplied ..
Prepare the journal entries required under each of the Szyslak leaves the partnership and receives $14 000 in cash from the partnership.
The disparity between book income and taxable income is attributable to a temporary difference which will reverse in 2012. Illustrate what should Campbell record as net deferred tax asset
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