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Hill is a newly appointed director of Banyak Bhd, a listed companyon Bursa
Malaysia that organizesmajor sporting events. Jamil has provided consultancy services to Banyak Bhd for the past ten (10) years. In the most recent financial year, these services amounted to RM300,000.
Required:
Determine whether the consultancy services provided by Hill to Banyak Bhd is a related party transaction (as per MFRS 124 Related Party Disclosures) that should be disclosed in the financial statementsof Banyak Bhd. You are required to explain your answer.
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Tele has a cell phone that she uses only for emergencies. The cost of the phone is $60 a month. The cellular company is offering unlimited nights and weekends for an additional $10 a month ($120 a year). Tele thinks it would be "cool" to have this be..
Vinson Company purchased a patent for $180,000 at the beginning of Year8, and estimated that its expected useful life was 5 years from the purchase date. The patent has a legal life of 20 years. What amount should be recorded as amortization expense ..
ow much should be credited to Allowance for Doubtful Accounts in the adjusting entry at the end of the accounting period?
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