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Question - On Jan. 1, 2020, GHI Corporation acquired a 2,000,000 equipment which it accounts under the revaluation model. It can be used in the production line for 10 years. After use, it can be sold for 250,000. On Jan. 1, 2023, GHI is revaluing the asset. It has a sound value of 2,250,000 and a revised residual value of 500,000. If GHI uses the proportional method, what is the journal entry on Jan. 1, 2023 to record the revaluation? How much is the revaluation surplus to be recognized? Solutions must be in good accounting form.
What will the lease expense shown on the income statement at the end of the year me will it be 25,600
O'Brian Service Company purchased a copier on January 1, 2012, for $17,900 and paid an additional $150 for delivery charges. Thecopier was estimated to have a life of four years or 800,000 copies.
What The deferred tax item to be recognised by Ahoy Ltd is? Ahoy Ltd has an asset with a carrying amount of $80,000. The tax base of this asset is $100,000.
Provide the journal entries to write of uncollectible account - Provide all journal entries for accounts receivable and allowance account
The following transactions related to long-term bonds occurred for Crump Inc.: Journalize the transactions.
The expected market return is 13 percent, and the risk-free rate is 5 percent. The company's marginal tax rate is 40 percent.
The capital balances before the sale were P240,000 and P360,000, respectively. What will be the amount in Bello's capital account?
If a company has an expected return lower than the actual return what does this say about the value of the firm? Explain your answer. Provide the calculations.
Explain the audit procedures that you would undertake in order to obtain sufficient appropriate audit evidence in respect of the share issue and dividend.
Assuming that she starts college in exactly 5 years and she will spend 4 years in college, how much tuition can she afford to pay at the beginning
What are the estimated annual operating cash flows? Your corporation is considering replacing older equipment. The old machine is fully depreciated.
Lighthouse Enterprises decided to issue $1,400,000 of 10-year bonds. The interest rate on the bonds is stated at 10%, payable semiannually. At the time the bonds were sold, the market rate had increased to 12%.
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