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Assume that a company buys land with a building on it for $1,500,000. At the time of purchase the company planned to tear the old building down and build a new building. The cost to tear down and dispose of the old building was $150,000 and they sold some material for $25,000. The cost to build the new building was $5,500,000 and the cost to grade the lot and landscape was $600,000. It is expected the life of the building is 25-40 years with a salvage value of $2,000,000 to $3,000,000.
Discussion Questions:
1. If management desired the smallest depreciation possible, what recommendation would you make? Support your recommendation by calculations. Why might the company want to do this?
2. If management desired the largest depreciation possible what recommendation would you make? Support your recommendation by calculations. Why might the company want to do this?
consider two bonds. One is maturing in 5 years and one matures in 10 years. Each has a coupon of 8% paid annually. Each is priced to yield 9% as follows: 5 years $961.10 and 10 years $935.82. Why the difference in price?
which method of reporting cash flows from operations does the company use? compare the net cash providedused from
Discuss the audit opinion you consider most appropriate for each of these situations.
Rising Framing's cost formula for its supplies cost is $2,210 per month plus $10 per frame. For the month of January, the company planned for activity of 710 frames, but the actual level of activity was 705 frames. The actual supplies cost for the..
(b)Assume that the conditions are met for the transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2014, for Beyoncé to record the sale of receivables, assuming the recourse liability has ..
A university offers a walking escort service to increase security around campus. The system consists of specially trained uniformed professional security officers that accompany students from one campus location to another.
Use the following information and the percent-of-sales method to answer questions. For consistency with the Answer selections provided, please round your forecast percentages to two decimals.)
What items are usually included in an effective engagement letter? Have you seen an engagement letter at your workplace or familiar with one and how are you involved in the process? Please find an engagement letter and comment on it. - Answer 150-..
connor company produces speaker systems for cars. estimated sales in units in january are 40000 in february 37000 and
which question should not be important in evaluating the value of training?was the cost of training within the
Real estate taxes on rental property he owns $4,000 Real estate taxes on his own residence 3,500 Federal income taxes 7,000 State income taxes 2,500 Local city income taxes 500 State sales taxes 700 What amount can Matt deduct as an itemized deduc..
the management of peterson manufacturing company has asked for your assistance in deciding whether to continue
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