Prepare the journal entries required on october

Assignment Help Financial Accounting
Reference no: EM132490985

Point 1: On October 1, 2020, Ocean Airways Ltd. purchased a new commercial aircraft for a total cost of $96.00 million. Included in the total cost are the aircraft's 2 engines, at a cost of $9.60 million each, and the aircraft's body, which costs $76.80 million. The estimated useful life of each of the aircraft's 2 engines is 10 years, with a residual value of $0.96 million. The estimated useful life of the aircraft's body is 10 years, with a residual value of $4.80 million. The entire aircraft's useful life is limited to the life of the aircraft's body.

Question 1: Prepare the journal entries required on October 1, 2020, and December 31, 2020, if Ocean Airways prepares financial statements in accordance with IFRS and uses straight-line depreciation.

Reference no: EM132490985

Questions Cloud

Prepare the flexible budget for the actual operating level : McElroy Company has prepared the following master budget for 2016. Prepare the flexible budget (FB) for the actual operating level achieved in 2016
What is the density of carbon-dioxide gas : What is the density of Carbon-Dioxide gas under the same conditions?
What aspects of the time value of money must professional : What aspects of the time value of money must professional sport organizations and athletes consider when negotiating contracts
How t-accounts reflect information contained in the company : accounts payable is only used for inventory purchases. The following T-accounts reflect information contained in the company's 2014 and 2015 balance sheets.
Prepare the journal entries required on october : Prepare the journal entries required on October 1, 2020, and December 31, 2020, if Ocean Airways prepares financial statements in accordance with IFRS
Prepare the adjusting journal entry to record one month : Deferred Revenue was credited for the entire amount on July 1st. Prepare the adjusting journal entry to record one month of earned revenue at July 31st
Would apricot co have to disclose any information : However, they have no dealings with one another. Would apricot Co have to disclose any information in its financial statements?
Calculate the focal lengths for both the convex lens : Use any data of your choice and the lens/mirror equation to calculate the focal lengths for both the convex lens and the concave mirror.
What range of d values will result in a smaller image : What range of d values will result in a smaller image? Infer this information for both the lens and mirror based on the data collected.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd