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Nidley Company purchased a machine on 1 January 2007. The following expenditures were associated with the purchase: $List price 21,000Delivery charges 2,500Installation of machine 1,500 The machine was estimated to have a five-year useful life and a salvage value of $5,000. On 1 January 2009, the machine was overhauled at a cost of $6,000. The overhaul extended its useful life from 5 years to 6 years.
On 1 January 2011, the company traded in this machine and paid $3,000 cash for a newer model. There was no gain or loss on this exchange. The company uses the straight-line method of depreciation. Required: a) Determine the initial cost of the machine. Explain your answer.
b) Determine the depreciation expense, accumulated depreciation and net book value of the machine for the years 2007, 2008, 2009 and 2010. c) Prepare journal entries to record the trade-in of the machine.
What are your monthly interest rate and annual effective interest rate? If your current outstanding balance is $3000.00 and you skip payments for two months, what would be the total balance two months from now?
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Belle opens an investment account on April 1, 2011. At that time she deposits $2,500 into her account. The account will earn 5% annually. If she repeats this deposit for the next 14 years, how much will she have in her account on March 31, 2026, (..
That US parent company ABC has a subsidiary XYZ in Outer Mongolia. XYZ's total assets are as follows in Mongolian marks and evaluate what is the total value of assets if the functional currency is the Outer Mongolian mark?
Evaluate interest expense would be reported on the 2012 income statement? Determine total liabilities would be reported on the 31 st December, 2012, balance sheet?
Identify the appropriate reporting treatment from the list and as an extraordinary item
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The application of manufacturing overhead would be recorded as a debit to - A good description of "cost of goods manufactured" is the recorded cost.
Compute the operating income for the Olive Oil Division using a transfer price of $4 and compute the operating income for the Olive Oil Division using a transfer price of $2.14.
Calculate the NCI in Chye Ltd's operating profit after tax and Puay Ltd's share of consolidated profit after tax for the year to 30 June 20x4.
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Explain how Christine should treat each of the five transactions listed above according to the appropriate accounting concepts and Christine has been supplying nurses to a small, private hospital for three months but has not yet received her commiss..
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