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Question - Mamak Trading constructed a factory at a cost of RM1.9 million of which RM700,000 was the land. The building was completed on 1 November 2014 and 1/8 of the building was used as an office. On 1 February 2019, the building was sold to Malim Jaya for RM3.1 million, including RM1 million for the land. Malim Jaya used the whole building as a factory.
An extension to the building costing RM120,000 was constructed by Malim Jaya on 2 May 2019. The extension was completed and brought into use as a warehouse for the storage of raw material for manufacturing. Both company close their accounts on 31 December annually.
Required - Calculated the industrial building allowances for both companies for all the relevant years of assessment up to and including year of assessment 2020.
The investment is estimated to save for $40,000 in labor cost and body. Calculate the net present value NPV for the proposed investment
Fill in the following chart for each of the given years to show the amount of revenue to be recognized on the income statement and the related liability report it on the year in balance sheet. Sally's Corp. the school year end is December 31.
Explain how this transaction would be accounted for under the FASB's asset-and-liability approach and evaluate this new approach
On May 1, 2018, Varga Tech Services signed a $30,000 consulting contract with Shaffer Holdings. How much revenue should Varga recognize
Based on the two selected manufacturing organizations, discuss and provide examples of some of the adopted strategic management accounting
companyy has estimated total factory overhead costs of 400000 and 20000 direct labor hours for the current fiscal year.
What is the balance sheet classification of land held for future expansion? Why is the land not classified as property, plant and equipment
Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection which should include.
Gridiron University is a private university. A successful alumnus has recently donated 1,000,000 to Girdion for the purpose of funding a "center for the study of sports ethics."
Swope Company reports a pretax operating, At the end of 2016, the journal entry recorded would contain anincome tax benefit from an operating loss carryback of
What entries should be made in 2018 to correctly record transactions related to machinery, assuming the machinery has no salvage value
Explain the meaning of the term "tax-planning strategy" as the term is used in SFAS No. 109.
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