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Question - On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its carrying value in Liala Ltd book was $600000 (costs $900000, accumulated depreciation $300000). This plant has a remaining useful life of five (5) years form the date of sale. The group measures its property plants and equipment using a costs model. Tax rate is 30 percent.
Required - Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of equipment.
Which is the correct order of steps in the accounting cycle?
On January 1, 2010, Priscilla signed a FIVE year lease to rent office space from Marjorie. The lease commenced immediately on January 1, 2010. During 2010, Priscilla paid Marjorie $24,000 for the first year's rent, $2,000 for the last month's rent..
If Allowance for Doubtful Accounts has a credit balance of $1,060 in the trial balance, journalize the adjusting entry at December 31
At the end of eight years, the equipment will have no salvage value. If the salvage value of the equipment is $10,000, compute the equipment's net present value
the cash account in the general ledger of lyco corporation showed a balance of 21749 at december 31.the companys bank
Assuming the Industrial Design Division qualifies for treatment as a discontinued operation, prepare a partial income statement for Coreaba for 2014
On October 1, 2021, Bramble Wind Turbine Company places a new asset into service. What is the carrying amount of the long-lived asset
The records of Mandy's Boutique report the following data for the month of April.
Journalize each transaction. Use the following account names: Cash, Short-term Investments, Dividend Revenue, Unrealized Gain (Loss) on Investment, and Gain on Sale of Investment - Prepare a computation of net sales for the month of July.
Yan Corp. has a 2,000 par value bond outstanding with a coupon rate of 4.9 percent paid semiannually, What is the price of the bond
Prepare entries to record the sale of the copiers and the related warranty costs, assuming that the accrual method is used
Tasty Beverage Co. produces soft drinks, specializing in fruit drinks. What is total cost per batch? How much would it cost to fill an order for 100,000 cans
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