Prepare the relevant journal entries for tam

Assignment Help Financial Accounting
Reference no: EM132770869

Problem A) Hinshaw Oil Co. constructed an oil pipeline that was completed at the end of 2020. It estimates (at the end of 2020) that in 20 years when the pipeline will be decommissioned, it will need to pay $20 million in dismantling costs. Hinshaw uses a 6% discount rate. Prepare the relevant journal entries for 2020 and 2021 under IFRS for Hinshaw relating to the dismantling costs.

Problem B) In 2020, an employee informs TAM Co. that he will be taking 6 months paternity leave. This will cost TAM $1,000 a month. At the end of 2020, the employee has completed 4 months leave and has been paid $4,000. Prepare the relevant journal entries for 2020 for TAM.

Reference no: EM132770869

Questions Cloud

Prepare the income statement and statement of owner equity : Feather Light Travelling Trains has completed, Prepare the income statement, statement of owner's equity, and balance sheet.
Determining the key impact on the audit plan : Undertake materiality calculations to assist in Analytical Review and Audit Planning - Summarizing the data that we got from the worksheets
Significance in acinetobaacter baumannii isotopes : What is the significance in Acinetobaacter baumannii isotopes being resistant to multiple antibiotics?
How much the haier-china will make a profit or loss in cny : How much the Haier-China will make a profit or loss in CNY from this parallel loan agreement in one year. (enter the whole number without sign or symbol)
Prepare the relevant journal entries for tam : Hinshaw uses a 6% discount rate. Prepare the relevant journal entries for 2020 and 2021 under IFRS for Hinshaw relating to the dismantling costs.
Calculate the total dollar interest cost on the loan : Assume that the loan is rolled over each loan period throughout the year under the same conditions and terms. Calculate the effective annual rate of interest.
Calculate relaxation of credit standards : Calculate and analyze on the each Relaxation of credit standards scenarios, then which scenario should be implemented and why
Orgins of cell membranes and bacterial cell walls : What are the orgins of Cell Membranes and Bacterial Cell Walls?
Prepare a single-column revenue journal : Prepare single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal

Reviews

Write a Review

Financial Accounting Questions & Answers

  How soon could she then? retire

If Sarah earned an annual return of 14 ?percent, how soon could she then? retire?

  List out the parties who you believe are most responsible

List out the parties who you believe are most responsible for that crisis. Briefly justify each of your choices.

  What is the payback period or undiscounted

Using the tax shield approach, calculate OCF given the following information: Sales $885,000; Costs $670,000; Depreciation $120,000.

  Describe the impact of depreciation expense on the cash flow

Describe the impact of depreciation expense on the cash flow analysis of a capital project. Also, discuss the types of leasing arrangements

  When controlling cash the preventative controls include

When controlling cash the preventative controls include?Having 2 different people responsible for taking in cash and depositing it in the bank

  Schefter Mining operates a copper mine in Wyoming

Schefter Mining operates a copper mine in Wyoming. Acquisition, exploration, and development costs totaled $8.2 million. Extraction activities began on July 1, 2011.  What is the initial cost of the copper mine?  How much accretion expense will Sche..

  What amount should ruiz record on march

$40 per share and the fair value of the warrants was $2.00. What amount should Ruiz record on March 1, 2010 as paid-in capital from stock warrants?

  Discuss the general and specific risks facing the yaslike

Identify and discuss the general and specific risks facing the Yaslike Ltd group from a treasury perspective. Your discussion should include the potential treasury risks associated with obtaining a loan from Wolfgang Engineering GmbH.

  What should quinn report on its income statement

What should Quinn report on its 2004 income statement as a result of the increase in fair value of the investments in 2004?

  Actual costs based on actual usage

Variable costs are allocated based on the budgeted rate per copy times the department's actual usage. Which of the following is not an advantage of this allocation scheme over allocating actual costs based on actual usage?

  Hepner corporation has the subsequent stockholders equity

hepner corporation has the subsequent stockholders equity accountspreferred stock 7 cumulative dividend 580000common

  Trial balances for the two companies

Chariot Company acquired 100 percent of Stryder Company for $220,000 cash trial balances for the two companies

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