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Question - Crane Corporation owns a patent that has a carrying amount of $313,000. Crane expects future net cash flows from this patent to total $217,000 over its remaining life of 10 years. The recoverable amount of the patent is $105,000. Assume that at the end of the year following the impairment (after recording amortization expense), the estimated recoverable amount for the patent is $134,000. Prepare Crane's journal entry, if needed.
In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients. For this assignment assume that you are the senior accountant work..
Prepare a Statement of Revenues, Expenditures and Changes in Fund Balance for the Capital Projects and Debt Service Funds
The AB an CD partnerships merged on September 30. What are the tax consequences under the following alternative circumstances
on september 1 2011 fast track inc. was started with 30000 invested by the owners as contributed capital. on
on january 1 2012 lake corporation increased its management salaries. all other costs and revenues were unchanged. how
In its 2009 balance sheet, Walmart reported as a noncurrent liability, "Deferred income taxes" of $3,076 million. Why is this different from the $1,605 million "net deferred tax liability" reported in the disclosure note?
Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.
ERP Implementation Case
Income tax payable decreased by $6,500 during the year. Prepare the operating activities section of the cash flow statement using the direct method
The company uses return on investment and dollar profits in the measurement of division and division manager performance. 1. Assume that you are the division controller of Ajax. Would you recommend that Ajax supply fitting no. 1726 to Defco? Why or..
Identify the biological factors that influence sensation and perception
Consider the earnings process applying to a travel agent and an airline company and then defend the criteria for recognizing revenue in each of the two cases.
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