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Question - Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440 000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of $40 000. On 1 July 2017, the equipment is deemed to have a fair value of $424 000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356 000 on 1 July 2019.
Required - Provide the journal entries necessary at the following dates to account for the above transactions and events. (Ignore narrations). Show your working.
a. 01/07/2015
b. 01/07/2017
c. 01/07/2019
In Millennium's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2011
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The Accounts Receivable account of Samson Company shows a debit balance of $52,000 at the end of the year. An aging analysis of the individual accounts indicates estimated uncollectible accounts to be $3,350.
Compute the amount of gross profit realized in 2014, 2015, and 2016, assuming Wetzel uses the cost recovery method.
Assuming that the car wash will be open 52 weeks a year, compute the expected annual net cash receipts from its operation
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knight co. owned 80 of the common stock of stoop co. stoop had 50000 shares of 5 par value common stock and 2000 shares
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Calculate the firm's operating income (or loss) if unit selling price and variable expense per unit do not change and total revenues decrease by $10,000
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