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Tony Computer Services Corporation trades 50% of its common stock for the rights to certain computer programs of the Janet Corporation. Janet previously expensed such costs of developing these computer programs. Tony concurrently sold the other 50% interest in its stock to the Jeannette Company for $1,000,000. Tony later acquired another rights to the Udder Computer Company’s computer programs in exchange for stock valued at $1,500,000. Tony, thus, debited Investments in Subsidiaries and credited Earnings for $1.5 million to reflect this latest transaction. How should Tony’s consolidated financial statement reflect the value of the expensed computer programs?
Analyze the accounting for fixed asset class using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition.
Each journal entry is worth 1.5 marks (1/2 mark for fully correct debit entry, 1/ 2 mark for fully correct credit entry, 1/ 2 mark for reasonable explanation).
on 1st august 2004 the mccellen company acquired 100000 8 percent bonds of lankford co. for 104000 plus accrued
This is first time Mike agreed to such a payment and he is obligated to outfit one trip per year for next three summers starting this year. How much income must Mike identify in each of the next three years if he is attempting to reduce his tax bu..
American International Automotive Industries (AIAI) manufactures auto and truck engine, transmission, and chassis parts for manufacturers and repair companies in the United States, South America, Canada, Mexico, Asia, and Europe. T
1. marvin corp a publicly accountable entity sold new production equipment to terrell inc. marvin corp. has agreed to
You are the manager of the Midwest Region, a 27-restaurant division that is part of the chain “Bites and Bits.” The restaurants offer casual dining and compete with such chains in your region as Olive Garden and Outback Steakhouse. At an upcoming pla..
Their partnership agreement calls for a 5% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is ..
Identify and strengths and/or weakness you identified in your analysis. and Any recommendations you feel are warranted at this time.
On a manufacturer's income statement expenses are separated into the following three categories:
adria lopez created success systems on october 1 2013. the company has been successful and its list of customers has
What is the future value of twenty monthly deposits that start at $37 but then increase by 5% a month in an account that earns 5% per month? Suppose you have decided to do some savings. You will deposit $1000 this year into an account that earns 2% p..
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