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Question - Kwell Co. owes Kuto Bank P4,000,000 plus accrued interest of P360,000. The unamortized discount on the loan is P80,000. The debt is a 10-year, 12% loan. During 20x1, Kwell's business deteriorated due to loss of demand for its services. On December 31, 20x1, Kuto Bank agrees to accept old equipment and cancel the entire debt. The equipment has a cost of P12,000,000, accumulated depreciation of P8,800,000 and fair value of P3,600,000. How much is the gain (loss) on the extinguishment of the debt?
What is Mary's taxable capital gains for 2020? In 2019, she first purchased 100 shares at $25 and then another 100 shares at $24.
Rosen should be seriously considered for the CEO position and discuss three shortcomings of the absorption approach for internal decision-making
Compute DFL and DCL for both financing plans. Lucys Donut shop is ready to open for business. It is estimated that the food cost (variable cost) will be 60%
In 2019, Fanestill changed its estimates to a total useful life of 5 years with a residual value of €70,000. What is 2019 depreciation expense?
During 2009, Farley wrote off $650,000 of accounts receivable. Credit sales for 2009 were $18,000,000. In its December 31, 2009 balance sheet, illustrate what amount should Farley report as allowance for uncollectible accounts? f common shares is..
Prepare a maximum informal memo and explain to Mr. Skaros why his production cost report showed only 2,000 equivalent units in ending inventory.
Find Calculate the impact of the exhibit on company profit. Infinity Designs, an interior design company, has experienced a drop in business
Milan Company reported P9,000,000 income before provision for income tax. What amount of current income tax liability should be reported at year-end
The labor cost allocated to each unit of Tritan is $6.70. What price would you need to charge for these units to provide a 25% mark-up over Cost of Goods Sold
Discuss the financial reporting issues involved in the three alternatives outlined. Patricia Leather Company is a small private company located in Montreal.
What is the company's accumulated benefit obligation at the end of 2013 with respect to Davenport? Estimate by the accumulated benefits approach the amount of Davenport's annual retirement payments earned as of the end of 2013.
Identify the optimal complete portfolio on the graph. Hint: There are several steps to solving this, which should be done in Excel. First find the utility
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