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At 1 July 2014, Lobstar Ltd acquired the following non-current assets:
Vehicles $80 000
Equipment $100 000
Required
Problem 1: Prepare the journal entries for Lobstar Ltd for the years ending 30 June 2015 and 2016.
The company's managers expected to produce 20,000 units of product in March. The standard cost for the materials used for 20,000 units is 173,600 yuan, and the standard cost per unit is 2.80 yuan per pound.
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On February 1, Marine Company reacquired 7,500 shares of its common stock at $30 per share. Journalize the transaction of February 1, March 15, and June 2
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