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Lark Corporation uses the percentage of completion method of accounting for construction contracts. At the end of the current year, Lark estimates that its costs to complete a project exceed the contract price, so that an overall loss on the contract is anticipated. What journal entry will Lark record at the end of the current year, given the following information?
Revenue to date is $350,000 ($175,000 of which is to be recognized in the current year).The expense recognized previously was $100,000.An overall loss of $30,000 is anticipated.
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investor has a 40 ownership interest in the common stock of investee. investor paid 10000 more thanlt?xmlnamespace
Al's Car Wash purchased a piece of equipment on October 1, 20x7, for $27,000. The equipment has an estimated life of four years or 40,000 units of production and an estimated residual value of $2,000.
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