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An equipment was acquired for 3,000,000 on Jan. 1, 2018. It is being depreciated to a salvage value of 400,000 over 10 years. It has the following revaluation details: (A) Jan. 1, 2021 - Replacement cost of 4,100,000 and remaining useful life of 7 years, (B) Jul. 1, 2026 - Replacement cost of 3,500,000 and remaining useful life of 3 years.
Problem 1: After recording the depreciation as of Jul. 1, 2026, what is the journal entry to record the change in revaluation using the proportionate method? How much should be (debited) or credited to revaluation surplus? Solutions must be in good accounting form.
Jonas Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2014, its assigned , under guarantee, specific accounts amounting to $150,000. The finance company advanced to Jonas 80% of the ac..
The management of Maltwo Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2015, Prepare comparative condensed income statements for 2015 under FIFO and LIFO. Which inventory cost flow met..
A stock dividend of 100% is declared and issued at the fair value of the shares. Prepare the appropriate journal entries. (Credit account titles)
Compute the effective annual rate (EAR) if the fortnightly annual percentage rate (APR) is 7%. Provide your answer (in percentage) to two decimal places
This association takes place in the CPU Assembly Department. The company freshly hired a new accountant who prepared the following report for the department for May using the weighted-average method
Chapman Company obtains 100 percent of Abernethy Company’s stock on January 1, 2014. Assume that Chapman Company acquired Abernethy’s common stock for $605,600 in cash. Chapman uses the equity method for this investment. Prepare consolidation workshe..
Which investment would you prefer? Why? As an investor, you are faced with a marginal federal tax rate of 29% and a provincial tax rate of 11.16%.
Which one is an agency cost? accepting an investment opportunity that will add value to the firm. / increasing the quarterly dividend.
Find what was the cost of goods manufactured for the month? Last month a manufacturing company had Beginning finished goods inventory operating results
What is the primary purpose of each of the four basic financial statements?
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $55,900; total assets, $199,400; Compute the following: current ratio, acid-test rati..
Compute Hiram's maximum cost recovery deduction for 2018. In making your computation, assume that taxable income before depreciation exceeds $ 1,000,000
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