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Problem - JJ Company determined that due to obsolescence, an equipment with an original cost of P4,500,000 and accumulated depreciation on January 1, 2019 of P2, 100,000 had suffered a permanent impairment and as a result should have a recoverable amount of only P1,500,000 as of the beginning of the year. In addition, the remaining useful life of the equipment was reduced from 8 to 3 years.
REQUIRED -
1. Prepare journal entry to record the impairment on January 1, 2019.
2. Prepare journal entry to record the depreciation for 2019. 3. Determine the carrying amount of the equipment on December 31, 2019.
Suppose that Helen's marginal income tax rate is 28 percent. Compare her after-tax income and her group medical costs under three scenarios:
During the second year of the equipment's life, $21,000 cash is paid for a new component expected to increase the equipment's productivity by 10% a year.
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Compute the adjusted petty cash balance. Further investigation also disclosed that the cash sales from January 2, 2015 amounted to P55,540.00
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From the article "Creating the Future," clearly summarize the article's short-term goals and long-term goals.
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andretti company has a single product called a dak. the company normally produces and sells 78000 daks each year at a
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A second part-time job that would give her an additional $10,800 of taxable income. By how much will the income from the second job increase her tax liability?
Compare and explain differences in the support-department costs allocated to each operating department.
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