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Case: Non-current Assets Marquez Ltd acquires a patent for $55,200 cash (including GST). It then uses the patent to develop product prototypes before production can commence. Bank records show it spend $24,150 (including GST) on this development. As a result, an independent valuer believes that the fair value of the patent is $74,000.
Question: Prepare journal entries for (a) the acquisition of the patent; (b) development of product prototypes; and (c) revaluation of the patent.
caspian creations sells wooden boxes from a kiosk in a mall. fixed costs are 2500 per month and the variable cost is
When faced with employees who are not willing to be an active member of a cross-departmental team, how would you coach the employees to gain their buy-in?
The excess borrowed funds were invested in short-term securities, What amount should Richmond report as capitalized interest at December 31, 2018
An old building on the property was removed, and construction began on a new building which was completed on November 1, 2019. What is the cost of the Land
What is sampling risk? What two types of sampling risks are present in this context? Describe the "costs" associated with the sampling risks in (a)
1. the board of samad corp. a family-owned corporation wishes to sell the business and is considering three offersget
John purchased 100 shares of Black Forest Inc. stock at a price of $153.96 three months ago. He sold all stocks today for $157.67. During this period the stock paid dividends of $5.04 per share. What is John's annualized holding period return (ann..
In order to qualify for non-recognition of gain on this involuntary conversion, what is the last date for Elroy to acquire qualified replacement property
Issued Cheque No. 775 for $9,500 to pay Amy Wong Real Estate for two month's worth of rent in advance
Compute the common production costs to be allocated to main products, assuming common costs were $204,150 for Star Date 2021.04. (Show all calculations, round)
The firm sold Capital Stock for $10,000 in cash during the year. Assume expenses for the year were $46,393. Compute the revenue for the year
In essay fomrate please explain in your own words GASB Statement No. 34. What are likely to be the two largest reconciling items for most major cities? Why?
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