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Larkspur Co. purchased a equipment on January 1, 2015, for $588,500. At that time, it was estimated that the equipment would have a 10-year life and no salvage value. On December 31, 2018, the firm's accountant found that the entry for depreciation expense had been omitted in 2016. In addition, management has informed the accountant that the company plans to switch to straight-line depreciation, starting with the year 2018. At present, the company uses the sum-of-the-years'-digits method for depreciating equipment.
Question 1: Prepare the general journal entries that should be made at December 31, 2018, to record these events. (Ignore tax effects.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Actual production figures for the past year were as follows.
john borrowed 320000 on april 1. the note requires interest at 12 and principle to be paid in one year. how much
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you are the manager of an accounting department and would like to hire another managerial accountant to focus on
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tracy owns a nondepreciable capital asset held for investment. the asset was purchased for 250000 six years earlier and
Hilde purchased all of the rights to a patent on a new garden tool developed by a friend of hers who is an amateur inventor. The inventor obtained the patent rights , set up a manufacturing company to produce and sell the garden tool, and produced su..
Why do business managers prefer stable earnings trends? Discuss several methods business managers might use to smooth earnings
requirements1. prepare gate city answering services income statement.2. prepare the statement of retained earnings.3.
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