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Katrin LTD. nas a macninery with a carrying amount of €300 000 (accumulated depreaatl being $50 000). The asset had cost E150 000. The machinery was revalued upwards €130 000, with the following acounting entries were passed:
Dr Accumulated Depreciation 20 000
Dr Land 150 000
Cr Deferred Tax Liability 81 000
Cr Asset Revaluation Reserve 89 000
Question 1: What are the appropriate accounting entries, if the machinery is now assessed as having a value of E240 000? The tax rate is 30%.
Upon graduation from college, Susana Lopez signed an agreement to buy a used car. Her annual payments, which are due at the end of each year for two years, are $1,480. The car dealer used a 12% rate compounded annually to determine the amount of t..
An increased extent of the tests of controls is most likely to occur under which of the following situations?
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From the e-Activity, describe the fraud that had occurred, and suggest the primary way in which the parties involved could have prevented the fraud in question.
A review of the accounting records of Spiller Manufacturing indicated that the company incurred the following payroll costs during the month of September. Salary of the company president—$32,600. What amount of payroll cost would be classified as sel..
The valuation of plant and equipment to allow for fair market value will be reference to IFRS IAS 16. Does the standard differ from GAAP valuation? Do you see this debate getting settled soon? Please take a side and defend your position
On January 1 Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will receive $53,600 from Green at the end of each month. Prepare the journal entry on January 31 to record ..
What has been Strides' position on dividend payouts in the past (pattern, relationship with earnings, etc.)? What factors affected its dividend policy?
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