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Problem
P Company owns 70% of the outstanding stock of S Company. On January 1, 2011, S Company sold land to P Company for $280,000. S had originally purchased the land on March 30, 2007, for $330,000.
P Company plans to construct a building on the land bought from S in which it will house new production machinery. The estimated useful life of the building and the new machinery is 20 years.
To solve: Prepare all journal entries for P and S (from initial purchase of land from 3rd parties to sale between the related parties). In addition, prepare the w/p entry to eliminate the intercompany sale of land
What is your opinion of the method of selecting his sample? Provide recommendations to the CPA about how to select and evaluate a sample for testing inventory
Prepare the December 31 entry for Ayayal Corporation to record amortization of intangibles
You should have the IDEA software already loaded on your computer from Auditing 1. Complete the assigned problem(s)for the week and upload your results.
Compare this cost to the annual relevant total costs that Alpha would have incurred if it had correctly estimated the relevant carrying cost per unit per year.
Provide the journal entries required to record each of the cases - The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial.
The bonds were sold for $3,000,000. The value of the warrants at the time of issuance was $100,000. Prepare the journal entry to record this transaction.
The current market rate of interest for bonds of similar risk is 11%. What amount will Clancey receive when it issues the bonds
Portland Forest Products Inc. has a cost of debt of 8%, the risk-free interest rate is 3.5% and the expected return on the market portfolio is 8.5%. Portland's effective tax rate is 30% and its optimal capital structure is 40% debt and 60% equ..
Assume that the actual cash inflow each year is 20% less than estimated. Re-compute the internal rate of return
Prepare the journal entries on the books of Pritano to record the acquisition on December 31, 2010. It is expected that the earnings target is like to be met
Further assume that accounts receivables are only affected by sales to customers, collections from customers, bad debt expense, write-offs
although accounting information is used by a wide variety of external parties financial reporting is primarily directed
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