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As at December 31, 20X7
Noncurrent assets:
Long-term loan receivable (400,000-400,000)
$ -
Land (0+1080,000+280,000)
1,360,000
Building (2,400,000+1,200,000-160,000)
3,440,000
Accumulated depreciation (360,000+480,000- 400,000+24,000)
(464,000)
Machinery (1,600,000+1,040,000-960,000)
1,680,000
Accumulated depreciation (640,000+720,000-640,000-64,000)
(656,000)
Goodwill
480,000
5,840,000
Current assets:
Inventories (1,280,000+480,000 -320,000-160,000)
1,280,000
Amounts receivable (480,000+240,000-20,000)
700,000
Cash (224,000+80,000)
304,000
2,284,900
$8,124,00
0
Question 1: Explain the Accumulated Depreciation lines and Inventories?
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