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Question 1: On July 1,2015, PC Options sold equipment to PC Madness and simultaneously leased it back for 12 years. Pertinent information at this date is as follows:
Sales price - P 4,800,000
Carrying amount - 3,600,000
Economic life - 15 years
At July 1, 2015, how much should PC Options report as deferred gain from the sale of the equipment?
Question 2: Use the same information given in 1. How much should PC Options report as revenue on sale-leaseback of the equipment for the year ended December 31,2015?
Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. Prepare general journal entries to enter the transactions. Prepare the adjusting entry necessary on August 31 if financial statement..
If a company does not monitor notes payable for due dates and interest payment dates in relation to financial statement dates, what misstatements can appear in the financial statements?
Jonee, Inc. declared a 25% common stock dividend July 12, when the market value of the stock was $25 and a 30% preferred stock dividend July 13, when the market value of the stock was $50. Both stock dividends will be distributed on August 31, 2X09. ..
Prepare a schedule that determines the effect on current income of the debt restructuring and the reduction in par value of the common stock necessary to eliminate any de?cit in retained earnings.
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The bond prices, What is invoice price or the total price you pay to the seller if you would like to this bond at a quoted (market) price of $990?
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Pictou Ltd. sold $18,000 of merchandise toThames Corp.,terms 2/10, n 30, FOBshipping point. The cost of the merchandise sold was S10:000. Sh..
question 1. research the reporting requirements for lease reporting under gaap and international financial reporting
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