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Get-It Jeeps Incorporated is in the business of producing fuel efficient all terrain Jeeps. Get-It Jeeps purchases a new robotic assembly machine on March 31, 2012 for $5,550,000; that has an estimated life of 15 years; and a Jeep production capacity of 5,000,000. In the engine of the robotic assembly machine is a solid gold covering that surrounds the outer mantel of the gear box; this 24 karat gold covering is used because it is soft and has more give than steel. The covering is worth $750,000 and can be resold on the open market.
Problem 1: Prepare the appropriate journal entries using the double-Declining Balance-Method to account for the first year of deprecation incurred on Get-It Jeeps assembly machine at December 31, 2012.
Determine the dollar amount of your profit or loss from buying a futures contract specifying C$100,000. Use a minus sign to enter a loss, if any
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Sudoku Company issues 19,000 shares of $10 par value common stock in exchange for land and a building. The land is valued at $231,000 and the building at $368,000. Prepare the journal entry to record issuance of the stock in exchange for the land and..
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Jaxson Corporation has the following data related to direct labor costs for September: actual costs are 10,200 hours at $15.75 per hour and standard costs are 10,800 hours at $15.50 per hour. What is the direct labor time variance?
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