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On 1 July 2020, Thomas Ltd acquired a parcel of assets and liabilities comprising a business directly from Edison Ltd. The assets and liabilities at 1 July 2020 were as follows:
Carrying amount ($) Fair value ($)Inventory 77 000 96 500Equipment 135 000 210 000Accounts payable 2 000 2 000
For this acquisition, Thomas Ltd issued 70,000 shares, the fair value of which at the acquisition date was $3.80 each.
Additional information:
Edison Ltd had not recorded an internally developed patent. Thomas Ltd estimated the fair value of this patent to be $18,000. Required:
Problem 1: Prepare the journal entry in the records of Thomas Ltd to account for the above acquisition.
A manufacturing company produces 80,000 units of product A at a total cost of $2.4 million. Total fixed costs are $1.4 million. If the company increases production by 25% and uses a 19% markup the price per unit will be:A) $31.54B) $30.80C) $51.80D) ..
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