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Mann, Inc., which owes Doran Co. $600,000 in notes payable with accrued interest of $54,000, is in financial difficulty. To settle the debt, Doran agrees to accept from Mann equipment with a fair value of $570,000, an original cost of $840,000, and accumulated depreciation of $195,000. Instructions:
- Compute the gain or loss to Mann on the settlement of the debt.
- Compute the gain or loss to Mann on the transfer of the equipment.
What is the FASB Accounting Standards Codification (FASB ASC)? What is the purpose of FASB ASC? How do you think it can be used to make better accounting decisions? Do these standards apply to fund accounting (non profit)?
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Today, companies must decide whether to sell their products directly to their customers via the Internet or to use more traditional methods of distribution.
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