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Question: Provide the required journal entries for both Year 1 and Year 2 under both the US GAAP and IFRS for each respective date where you are provided information in the above scenario. In your explanation for each journal entry, make sure you document the basis for each journal entry amount. In other words, how did you obtain the figures? In addition, provide a detailed explanation for each respective journal entry with the appropriate Reference(s) to IAS12 and ASC 740-10, respectively.
Global Multinational Corporation (Global) is a U.S. company that owns and operates 100% of a consolidated subsidiary in a foreign jurisdiction where income taxes are payable at a higher rate on undistributed profits than on distributed earnings. For the year ending December 31, Year 1, Global's foreign subsidiaries taxable income is $150,000. Global's foreign subsidiary also has net taxable temporary differences amounting to $50,000 for the year, thus creating the need for a deferred tax liability on the balance sheet. The tax rate on distributed profits is 40%, and the tax rate on undistributed profits is 50%; the difference results in a credit if profits are distributed in the future. At the date of the balance sheet, no distributions have been proposed or declared. On March 31, Year 2, Global's foreign consolidated subsidiary distributes dividends of $75,000.
Bargain Electronics will incur special shipping costs of $1 per unit. Assuming that Bargain Electronics has excess operating capacity
Camden Biotechnology began operations in September 2016. Prepare the appropriate journal entries for 2016 and 2017 transactions
Make the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method.
The following details are available in relation to a non specialized property. Carrying value $1,040,000. How should the revaluation loss be treated
Prepare a schedule showing the reduction of the liability by the annual payments after considering the interest charges.
Determine the proper balance sheet presentation and amounts for the above items
What is the Partner's capital account? (One Paragraph Please). What can Partners' contribute to establish a capital account?
North Dakota Corporation began operations in January 2010, and purchased a machine for $20,000. Prepare a journal entry to record income taxes for the year 2010. Show well-labeled computations.
Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?
When the receivable was collected on February 15, 2009, the U.S. dollar equivalent was $144,000. In Mills' 2009 consolidated income statement, how much should have been reported as a foreign exchange gain?
Your job pays you only once a year for all the work you did. How much money will you have on the date of your retirement 35 years from today?
Alico Corporation bonds have a face interest rate of 8%, a face value of $100,000 and will mature in 20 years. Interest is paid semi-annually. If you require an annual yield of 7.4%, what price would you be willing to pay for the bond?
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