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Question - Gordon Machinery acquired a cutting machine 3 years ago for $10 million. The estimated useful life in 8nyears, with are the residual value of 10%.straight-line depreciation method is applied. At the end of year 4, the management decided to test the machine for impairment. The market price for similar machines in the second-hand market is $2 million, and $0.1 million agent fee will be charged for every transaction. The future cash flow generated from the machine is estimated to be $1.5millon cash year. If a discount rate of 10% is applied, how much impairment provision should be recorded?
Customers purchased gift cards amounting to $59,000 during the year. What was the amount of gift cards redeemed by customers during the year
No employee earned more than $7,000 in this first period. Prepare the journal entry to record Regis's employer payroll taxes resulting from January 8 payroll
City government has collected the following data on annual sales tax collections and new car registrations:Annual Sales Tax Collections(in millions)1.01.41.92.01.82.12.3New Car Registrations(in thousands)10121516141720
Solar Company has 600,000 shares of $75 par common stock outstanding. On February 13, Solar declared a 3% stock dividend to be issued April 30 to stockholders of record on March 14. The market price of the stock was $90 per share on February 13..
Based on your research, identify and assess the fraud that occurred in the organization and the impact it has had on the corporation's investors and creditors. Provide support for your rationale.
Carl is the sole shareholder of Production Corporation. What are the estate tax consequences of the policy when Carl dies
What is the cost of the delivery truck? You purchase a delivery truck for your company. The purchase price of the truck was $25,000
Determine the cost recovery deductions (including first year additional depreciation) that Javier Sanchez can claim with respect to this asset in 2018 and 2019.
Why is it that sunk costs are never relevant to a decision whereas opportunity costs are always relevant
Jack Thompson's lifelong dream is to own his own fishing boat to use in his retirement.
Identify and discuss cultural and institutional factors which an analyst will have to consider before being able to isolate and examine the ‘residual' behavior attributable to a company's policies and characteristics.
During its first year of operations, the company produced 32,000 units and sold 30,000 units. The company's only product is sold for $249 per unit.
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