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Question: A machine cost $1206000, has annual depreciation of $197000, and has accumulated depreciation of $948000 on December 31, 2017. On April 1, 2018, when the machine has a fair value of $271000, it is exchanged for a machine with a fair value of $1351000 and the proper amount of cash is paid. The exchange had commercial substance.
The gain to be recorded on the exchange is
A $145000
B $0
C $62250
D $61000
A company paid $500,000 for 12% bonds with a par value of $500,000. The bonds pay 6% interest semiannually on September 1 and March 1. The company intends to hold the bonds until they mature. Prepare the journal entries for the following dates and..
Identify the three components of the CPU and explain the role of each.
Select one (1) not-for-profit organization in an area of interest to you and review the financial statements and audit report for the organization. The financial statements and audit report of the not-for-profit organization should be readily and ..
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Jocelyn contributes land with a basis of $60,500 and fair market value of $90,750 and inventory with a basis of $22,600 and fair market value of $33,900 in exchange for 100% of Zion Corporation stock.
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what does the term account mean? what are the different classifications of accounts? how do the rules for debits and
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