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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.
The following revenue transactions occurred during January. Record these three transactions, in chronological order, in the following revenue journal.
In 2004, Parrot Company sold land to its subsidiary, Tree Corporation, for $12,000. It had a book value of $10,000. In the next year, Tree sold the land for $18,000 to an unaffiliated firm. The 2004 unrealized gain
How does the information for this project impact your decision to use credit? What is her interest rate for Cash Advances and Purchases?
Alice purchases a rental house on August 22, 2019, for a cost of $174,000. What is Alice's maximum depreciation deduction for 2019 using MACRS
Oust the Turtle Company records inventory using the perpetual inventory system. How much is the loss from inventory decline in 2022?
At the end of the year, Shamrock Co. has pretax financial income of $538,000. How do you compute Income Taxes Payable
Sharkey's Fun Center contains a number of electronic games as well as a miniature golf course and various rides located outside the building.
a firm offers terms of 335 net 50. currently two-thirds of all customers take advantage of the trade discount the
the following selected account balances were taken from buckeye companys general ledger atjanuary 1 2005 and december
At 12/31/07 the general ledger of hoffman electric had the following account balances. All adjusting entries (except forincome taxes @ 35%) have been made.
What does the impairment of an asset mean? How should an impairment of an item of property, plant and equipment be accounted for
Book value is computed
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