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Question - Rochester Shipping received a new ferry that has a normal purchase price of $1.30 million. In exchange, the company gave the vendor a parcel of land and a building located on the waterfront. The market value of the land and building is $1.15 million. The land cost $300,000; the building cost $700,000 and is 30% depreciated. The vendor will use the land and building to operate a maintenance facility. The new ferry will enable Rochester Shipping to launch a new ferry service across Lake Ontario. The ferry was available because the buyer for whom it had been built went bankrupt and was unable to take delivery. The boat remained unsold for two years before Rochester was able to negotiate the exchange. Because the boat had been dormant for so long it need some upgrading and maintenance. Rochester agreed to pay for the necessary work, which was estimated to cost $350,000. Prepare the journal entry for Rochester.
On January 1, 2018, Sheridan Company redeemed its 15-year bonds of $7080000 par value for 103. What amount of loss should Sheridan recognize
on january 1 2010 jose company purchased a building for 200000 and a delivery truck for 20000. the following
"I would like to use LP, but it's a technique that operates under conditions of certainty. My plant doesn't have that certainty; it's a world of uncertainty. So LP can't be used here." Do you think this statement has any merit? Why or why not? ..
Watson Township plans to build an auditorium. The plans were drawn for $100,000 by an architect who will complete the plans and bill the city after the bonds.
game guys is a retail store selling video games. sales are uniform for most of the year but pick up in june and
Compute the 2014 values for Amazon.com and the 2015 values for Wal-Mart based on the information in the financial statements: Inventory turnover
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Available-for-Sale Securities Entries and Reporting Player Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities.
Swain Enterprises issues a 60-day note for $800,000 to Hill Industries for merchandise inventory. Hill Industries discounts the note at 6%. Assume a 360-day year.
allowance method analysis of receivables. at a january 2002 meeting the presishydent of sonic sound directed the sales
Babcock, Inc. has acquired a building with a loan that requires payments of $20,000 every six months for 5 years. What is the present value of the building
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