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Lorde Corporation recently acquired new equipment. In exchange, Lorde traded in an existing asset that had an original cost of $60,000 and accumulated depreciation on the date of exchange of $45,000. In addition, Lorde paid $40,000 cash to the equipment manufacturer. The fair value of the old equipment is $17,000.
a. Prepare the journal entry to record the exchange transaction (assume the transaction is for a genuine business reason - it has "commercial substance").
Compute the amount of financial revenue that will be earned over the lease term and the manufacturer's profit that will be earned immediately by Aquarius
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Within today's international business environment, there has been a great deal of discussion about the convergence of United States accounting standards
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Prepare an income statement for the current year ended December 31, 2008 and prepare a statement of owner's equity for the current year ended December 31, 2008.
1.explain and show an example of how the fasbs conceptual framework is needed in formulating standards on controversial
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list and describe the four standards in the imas statement of ethical practice. as part of your answer be sure to
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The Governmental Products Division's divisional segment margin is $255,000 and the Export Products Division's divisional segment margin is $59,800. The total amount of common fixed expenses not traceable to the individual divisions is $163,700. Wh..
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