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Question - On December 31, 20x1, ABC committed to a plan to sell its building at its current condition. It expects that the sale will occur within 1 year after the end of the current reporting period. The building has a carrying amount of P12,000,000, accumulated Depreciation of P2,000,000 and remaining useful life of 5 years. The Building has a fair value and costs to sell at the end of each year as follows:
Fair Value Costs to Sell
20x1 8,000,000 200,000
20x2 7,500,000 200,000
20x3 9,000,000 300,000
The asset was sold in 20x4.
Required - Provide the journal entries from Dec 31, 20x1 to Dec 31, 20x4.
Deerwood Corporation lends its principal shareholder, Lafayette, $500,000 on July 1 of the current year. What are the tax consequences of this loan to Lafayette
Fischer Inc. had the following inventory in fiscal 2013. The company uses the LIFO method of accounting for inventory. Calculate company's cost of goods sold
equipment of 430 million and other assets totaling 170 million. current liabilities are 170 million and long-term
A firm has a positive economic value added (EVA) of $500 (all amounts in thousands), What is this organization's earnings before interest and taxes (EBIT)
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Dividends on common stock were $2.05 per share and dividends on preferred stock were $1.80 per share. The earnings per share of common stock is closest to:
amazon beverages produces and bottles a line of soft drinks using exotic fruits from latin america and asia. the
the adjustment at end of calendar year, and the repayment of the note
Compute the present value for each of the following amounts: $90,000 received 10 years hence if the annual interest rate is 8% compounded annually OR 8% compounded semiannually
he following information is available for the first month of operations of korv inc. a manufacturer of art and craft
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