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Question - Blossom Distribution Co. has determined its December 31, 2020 inventory on a LIFO basis at $1070000. Information pertaining to that inventory follows:
Estimated selling price $1120000
Estimated cost of disposal 50000
Normal profit margin 130000
Current replacement cost 990000
Blossom records losses that result from applying the lower-of-cost-or-market rule. At December 31, 2020, compute the loss that Blossom should recognize?
Prepare the journal entry for the interest revenue and discount amortization under the effective-interest method at December 31, 2018
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It's time to take control of the Federal Reserve (which controls the U.S. money supply). In this chapter, we're thinking only about the "long run,".
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Determine how much would have been the total profit given to Edwin (2020-2021). If on December 31, 2021 the capital balances of Noreen and Lani total P250 000
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