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Claro Co. purchased equipment for 5,000,000 on Jan.1, 2013 with a useful life of 10yrs. And no residual value. On jan. 1,2015, the entity classified the asset as held for sale. The FV of the equipment onjan.1 2015 is 3,300,000 and the cost of disposal is 100,000. On Dec. 31,2015, the FV of the equipment is 3,800,000 and the cost of disposal is 200,000. On Dec. 31, 2015, the entity believed that criteria for classification as held for sale can no longer be met.
Problem 1: Accordingly, the entity decided not to sell the asset but to continue using it. What is the measurement of the equipment that ceases as held for sale on Dec. 31,2015?
Alpha Company purchases 40% of Beta Company on January 1 for $5 00.000, What is the Investment in Beta Company balance
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The beginning balance in accounts receivable is $40,000, the ending balance is $35,000, and sales during the period are $130,000. What are cash receipts
Bennett Basketball sells a variety of basketballs and accessories
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