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At the beginning of the current period, Jessica Ltd sold a used depreciable asset to its wholly owned subsidiary, Amelie Ltd, for $80,000. Jessica Ltd had originally paid $200,000 for this asset, and at time of sale to Amelie Ltd had charged depreciation of $150 000. This asset is used differently in Amelie Ltd from how it was used in Jessica ltd; thus, whereas Jessica Ltd used a 10% p.a. straight-line depreciation method, Amelie Ltd uses a 20% straight-line depreciation method.
In calculating the depreciation expense for the consolidated group (as opposed to that recorded by Amelie Ltd), the group accountant, RuiFen Xue, is unsure of which amount the depreciation rate should be applied to ($200,000, $50 000, $80 000) and which depreciation rate to use (10% or 20%).
Provide a detailed response, explaining which depreciation rate should be used and to what amount it should be applied.
sierra star prepares monthly cash budgets. relevant data from operating budgets for 2010 arejanuary februarysales
Choose the correct term to best fits the definitions to follow: (1) assets; (2) collateral; (3) debt capital; (4) depreciation; (5) equity capital; (6) liabilit
Calculate the budgeted cost of the Sentinel Communications job. How much will Frontier bid for the job if it is to earn its target operating income of 10%.
Hunt Company reported net income of $157,000. It reported depreciation expense of $12,000, Determine net cash provided by operating activities
Douglas Corporation had 120,000 shares of stock outstanding on January 1, 2010. On May 1, 2010, Douglas issued 60,000 shares. On July 1, Douglas purchased 10,000 treasury shares
amberjack company is trying to decide on an allocation base to use to assign manufacturing overhead to jobs. in the
In RE9-8, Uncle Butch's Hunting Supply Shop reports the following information related to inventory:
Fasetech, Inc. has collected the following data. What is the operating income using absorption costing if 500 units are sold
Prepare a summary of the variances. Does the unfavorable overhead volume variance suggest that overhead cost are out of control
What are the different tax consequences between paying down the mortgage (debt) and assuming a new mortgage (debt) for Federal income tax purposes?
lewis industries adopted a defined benefit pension plan on january 1 2013. by making the provisions of the plan
A local Chevrolet dealership carries the following types of vehicles: Because of recent Increases in gasoline prices, the car dealership has noticed a reduced demand for its SUVs, vans, and trucks. Compute the total cost of the entire inventory.
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