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Question - Panthers Corp. purchased 8,000 shares of Canes Corp. for $100 per share on August 1, 2019. As per IFRS 9, Panthers chose to classify this new investment as FVOCI at the time of the purchase. On November 1, 2019 Canes paid a dividend of $2 per share. At balance sheet date the market price of Canes was $90 per share. On March 1, 2020 Panthers sold all 8,000 shares for $105 per share.
Required - Can you please clarify which entry should be done under the IFRS as well as those that would be required under GAAP?
ABC received a notice that the XYZ company is not able to make the payment for the outstanding accounts receivables due to bankruptcy.
Suppose that a person won the Florida lottery and was offered a choice of two prizes: (1) $500,000 or (2) a coin-toss gamble in which he or she would get $1 million if a head were flipped and zero for a tail.
1. If the parent's net income reflected use of the equity method, what were the consolidated retained earnings on December 31, 2010?
Calculate the depreciation for the first year using the straight-line method and the Double declining balance method, show your work.
On August 10, 2017, Jasper purchased business equipment for $40,000. What is the nature of disposition gain or loss? Where is it reported on the 2018 Form 4797
It also reported $50,000 of net income and paid $25,000 as a cash dividend to stockholders. Prepare the statement of stockholders equity
The company has total fixed costs of $60,000. Assume a planned margin of safety of $16,000, what is the breakeven point in ($) value
Calculate Jeff's itemized deductions after considering the overall phase-out of itemized deductions
What does the intercept 173 represent in this trend line? What does the slope represent? The R2 for this trend line is 97%. Use this linear model to obtain a forecast for the CPI in April 2007. The actual CPI in April 2007 was 206.686. Compute the ab..
You are the audit senior responsible for the audit of Oriental Limited. How the components of audit risk (inherent, control or detection risk) are affected.
Shipped job 31 and billed the customer for 130 percent of the cost, Prepare journal entries for the august transactions
If all allocations and distributions from Smart & Smarter to its partners during or for those three years were pro rata, what is your adjusted basis
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