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Calaf's Drillers erects and places into service an off-shore oil platform on January 1, 2015, at a cost of $10,000,000. Calaf is legally required to dismantle and remove the platform at the end of its useful life in 10 years. Calaf estimates it will cost $1,000,000 to dismantle and remove the platform at the end of its useful life in 10 years. (The fair value at January 1, 2015, of the dismantle and removal costs is $450,000.) Prepare the entry to record the asset retirement obligation.
at the beginning of august hogancamp corporation had 27600 of raw materials on hand. during the month the company
1. zanny electronics companyuses a standard cost system to collect costs related to the production of its water ski
GASB standards require that investments be reported at fair value. Explain the GASB reporting requirements related to fair value. How do these requirements differ from reporting requirements for corporate entities?
dans house payment on his residence is 2000 per month of which 1800 is interest and real estate taxes with the
(a) Prepare the required adjusting journal entry to record accrued salaries on December 31, 2004. (b) Prepare the journal entry to record the payment of salaries on January 4, 2005.
How a long-term asset is depreciated can have a rather sharp result, especially for capital-intensive companies. As a result, should property be assigned a life and basis based on its economic value or on its physical life expectancy?
What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?
you have retired a long and successful career as a business executive and now spend a good portion of your time
kent a small texas oil company holds huge reserves of oil and gas assets. assume that at the end of 2008 kents cost of
basic flexible budgeting l.o. 2 centron inc. has the following budgeted production costs direct materials 0.40 per unit
at a recent company meeting an employee remarkswe were working so hard to get the income for our bonus thisyear. then
the hillside inn is a restaurant in flagstaff arizona. it specializes in southwestern style meals in a moderate price
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