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Question - Artic Corporation, one of the largest mining company, purchased 20 hectares of land for P60,000,000. The company expected to extract 5 million tons of mine from this land over the next 20 years at which time, residual value shall be P3,000,000. Successful exploration cost, P5,000,000 was incurred related to the mining activities. During the first 2 years of mining operations, 300,000 tons were mined each year and sold for P80 per ton. How much would be the depletion expense for the first year?
Prior to liquidating their partnership, Morgan and Chow had capital accounts of $32,000 and $60,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized from the sale of assets. These partnership ass..
Hingutt Cove Corporation has issued 4,000 shares of common stock, all of the same class; 3,500 shares are outstanding and 500 shares are held as treasury stock. Prepare the required journal entries for August 15, August 31, and September 15, 2015.
Denise and Glenn file a joint return, how much of the $370,000 gain may be excluded from income
Lynn Jones, Shawn, Walt, and Donna are trying to decide whether they should organize a corporation and transfer their shares of stock in several corporations to this new corporation.- Prepare a letter to your client, Lynn Jones, and a memo for the ..
Fresher Foods, Inc. orally agreed to purchase 1000 bushels of corn for $1.25 per bushel from Vernon, a farmer. Fresher paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for one week later. Fresher s..
Do you think that users of financial statements would be aided if there were a distinction between financial reporting standards for public vs. non public companies? What about between big and little companies?
The Merchant Company issed 10-year bonds on January 1, 2011. The 15% bonds have a face value of $100,000 and pay interest every January 1 and July 1. The bonds were sold for $117,205 based on the market interest rate of 12%. Merchange uses the effect..
Calculate basic and diluted earnings per share for 2019.Collie reported net income of $600,000 for calendar 2019. Their income tax rate is 30%.
The question is regarding working capital management involving computation of inventory needed and How much inventory can ABC purchase without violating its debt agreement if their total current assets equal $20 million?
Identify the accounting concept that describes each situation: Is the rationale for why plant assets are not reported at liquidation value.
Suppose a firm faces a current tax rate of 35% but expects this rate to fall to 20% in the future. Employees on average face a current marginal tax rate of 31% but expect this rate to fall to 20% when they retire in 15 years. Which among salary, pens..
At what amount is a financial asset or financial liability measured on initial recognition? Under IFRS 9, an entity shall measure note after initial recognition
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