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Oriole Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $12,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Oriole's equipment. Oriole's controller estimates that expected future net cash flows on the equipment will be $7,560,000 and that the fair value of the equipment is $6,720,000. Oriole intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Oriole uses straight-line depreciation.
Problem 1: Prepare the journal entry (if any) to record the impairment at December 31, 2020.
The Cookie Company was incorporated on January 1, 2015. In January, how much did The Cookie Company pay for supplies
Gambling losses to the extent of gambling winnings 890 and Home office expenses $1,200. What is Ava's total itemized deduction related to these items
ramona stolton and jerry bright are partners in a business they started two years ago. the partnership agreement states
Determine the balance in B. MacDonald's capital account after the entries have been posted. Prepare closing entries for December 31, 2021.
Who are the stakeholders in this situation? Are the president's motives and actions ethical? Can Pele shield itself against losses of Cabo Inc.?
Develop a new product cost, using an activity-based costing approach, for one pound of Jamaican coffee and one pound of Colombian coffee
Calculate the estimated ending inventory using the gross profit method. Beginning inventory $990,000; purchases $450,300; freight-in $12,200; sales $2,430,000
A client solicits tax advice on homestead, vacation homes, and rental income in the preparation of their tax return. The client has a condo in Florida.
Prepare journal entries for Terrier Company to record the Payment of interest and discount/premium amortization (under the interest method) on June 30
How is anti dilution determined when multiple securities are involved?
company bank of america 1. which method of reporting cash flows from operations does the company use? 2. compare the
Dickinson Company decided to discontinue its entire wholesale operations and to retain its manufacturing operations. On September 15, Dickinson sold the wholesale operations to Rogers Company. During 2014, there were 493,400 shares of common stock ou..
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