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On January 1, 2001, the Best Use Company, an IFRS compliant company, purchased a building for use as a recreation area. The original purchase price of the building is $600,000 and has a useful life of 30 years and will be depreciated using straight line depreciation. The company uses the alternate treatment of asset valuation under IAS 16. At December 31, 2005, the company engaged an appraiser who determined the fair market value of $750,000. At December 31, 2010 the appraiser determined that the fair market value of $250,000. What journal entry, if any, would be made to revaluate the asset and what effect would they have on the balance sheet and income statement? If applicable, please show journal entries for both the net and gross methods of revaluation for !2/31/05 and 12/31/10.
Sam and Drew are equal partners in SD, LLC, formed on June 1 of the current year. Sam contributed Land that he inherited from his Uncle in 2005. Sam's Uncle purchased the land in 1980 for $30,000. The land was worth $100,000 when Sam's uncle died...
What is the balance in retained earnings appearing on the statement of stockholders" equity on December 31, 2002? A. $330,000 b. $380,000 c. $420,000 d. $440,000 138.
Debt investments are recorded at the : a. face value of the bonds purchased. b. face value of the bonds purchased plus interest. c. price paid for the bonds plus interest. d. price paid for the bonds plus brokerage fees
Calculate the amount of dividends declared during 20x8 on the nonconvertible preferred stock.
Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. How much will the firm pay if it takes the cash discount? What is the approximate cost of giving up the cash discount, using the simplified formula?
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..
What exactly comes after doing the general journal, the special journals. What steps come next after writing these entries. In full detail what steps or what occurs in the posting process to get the trial balance?
During 2010, $500,000 of raw materials were purchased, direct labor costs amounted to $600,000, and manufacturing overhead incurred was $480,000. If Carly Manufacturing Company's cost of goods manufactured for 2010 amounted to $1,390,000, its cost..
What are intangible assets? Can you provide a few examples? Why are these important, and how are they recorded?
You have been asked to speak on the topic of the impact of organizational culture on decision making to a group of executives. In a five to seven paragraph speech, discuss the following.
Green Systems sold and delivered modems to the Blue Computers for $660,000 to be paid by Blue in 3 equal instalments over the next 3 months. The journal entry made by the Blue Computers to record the last of 3 instalment payments will include:
How much total cash did Markus raise through the January 15, 2011, stock issuance? How are these journal entries recorded?
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