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Question - On January 1, 2021, Ally Corporation entered into a contract to acquire all of the net assets of Davis Ltd. for cash of $187,000. Ally was identified as the acquirer. The fair value of the assets were $160,000 and the fair value of the liabilities were $50,000. Prepare the journal entry to record the acquisition of the net assets.
Buzz corporation sold an office building that it used in its business for $500,000. Buzz bought the building for ten years ago for 650,000 and has claimed 200,000 of depreciation expense what is the amount and character if Buzz's gain or loss?
Benedetta Company has the following information about inventory costs: Total Cost to place order = P50. What is the company estimated annual usage
Cranberry Manufacturing Company is considering an asset replacement project of replacing a control device. This old control device has been fully depreciated but can be sold for $4,000. The new control device, which is more automated, will cost $22,0..
At the beginning of its 2016 fiscal year, Amershan Co. purchased equipment for $100,000. The equipment is expected to have a five-year life useful life with no residual value. At the end of the year, the company chooses to revalue the equipment. The ..
Explain the treatment of both of these payments in the books and disclosures in the financial statements, as on 31st March 2020
Determine which inflows or outflows will appear in the statement of cash flows. Ensure your response includes both amounts and classification.
A project that provides annual cash flows of ?28,000 for nine years costs ?138,000 and the required return is 8% . Determine if the project should be accepted.
When does an intragroup transaction require us to perform a consolidation adjustment to tax expense. Explain in detail with an proper example.
Identify the main events upon which goodwill undergoes a test for its impairment. Firms should conduct the impairment test for goodwill at least annually.
Potential impact on business and the accounting profession of changes in accounting standards or securities laws - Explain specifically why external auditors are no longer permitted to do significant consulting for a firm that it is auditing.
Calculate the principal portion of the 50th payment. What is the size of monthly payment? Calculate how much the principal will be reduced in the third year.
Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole..
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