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The Bronco Corporation exchanged land for equipment. The land had a book value of $136,000 and a fair value of $182,000. Bronco received $26,000 from the owner of the equipment to complete the exchange which has commercial substance.
Required:
1. What is the fair value of the equipment?
2. Prepare the journal entry to record the exchange.
Prepare and present depreciation schedules for the machine. Use straight line, units of production and the double declining balance methods of depreciation
at the beginning of the period the cutting department budgeted direct labor of 30000 and supervisor salaries of 20000
sandblasting equipment acquired at a cost of 86000 has an estimated residual value of 5000 and an estimated useful life
Starge Inc. owns 30% of the outstanding voting common stock of Ticker Co. and has the ability to significantly influence the investee's operations and decision making.
Refer to the opening feature in this chapter about Catherine and David Cook and their company, myYearbook (now rebranded as MeetMe).
stanley printing company began operation in march with three custom orders. the following costs were incurred during
Explain the accounting and reporting for stockholder's equity. How are restrictions on retained earnings reported? What are the key components of stockholder's equity? Indicate how to present and analyze stockholder's equity.
production and cash-outlay computations rpr inc. anticipates that 120000 units of product k will be sold during may.
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during 2012 edward east had wages of 10000 and received unemployment compensation of 6200 from the state. edward is
assume that denis savard inc. has the following accounts at the end of the current year.1.common stock14.accumulated
panorama ltd manufactures and distributes a wide range of general pharmaceutical products. selected audited data for
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