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Problem - Bonita Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $10,880 plus trade-in, f.o.b. factory. Bonita Inc. paid $10,880 cash and traded in used equipment. The used equipment had originally cost $84,320; it had a book value of $57,120 and a secondhand fair value of $65,008, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of $1,496.
Required -
1. Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance.
2. Assuming the same facts as in (a) except that fair value information for the assets exchanged is not determinable. Prepare the general journal entry to record this transaction.
Prepare all journal entries for the option hedge of a forecast transaction and for the export sale assuming that December 31 is Garnier Corporation's yearend.
Adam Singh, D.D.S., opened an incorporated dental practice on January 1, 2012.During the first month of operations the following transactions occurred:
concerned with the productivity of some employees the board of directors of a large multinational corporation has
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ashwood mining co. acquired mineral rights for 15000000. the mineral deposit is estimated at 120000000 tons. during the
Now suppose that Sealing Company believes that it can sell no more that 12000 of the deluxe model but up to 50000 each of the basic and standard models at the selling prices estimated. What product mix would you recommend, and what would be the to..
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Finco is a wholly owned Finnish manufacturing subsidiary of Winco, a domestic corporation that manufactures and markets residential window products throughout the world.
Is Landon's proposal acceptable accounting?
Given that the contract is based on 6,500 pounds, what is the dollar amount you will need at settlement to fulfill the contract
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