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1- A company purchased a delivery van for $30,000 with a salvage value of $6,000 on January one, Year 1. It has an estimated useful life of 6 years or 60,000 miles. The van was driven 13,000 miles in the first year. Using the units of production method, how much depreciation expense should the company recognize on December 31, Year 1?
2- A company purchased a delivery van for $30,000 with a salvage value of $6,000 on January one, Year 1. It has an estimated useful life of 6 years or 60,000 miles. Using the double declining balance method, how much depreciation expense should the company recognize on December 31, Year 1?
After product cost elements are identified, how is the cost of goods manufactured for a period determined.
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Rensing, Inc., has $800,000 of 5% preferred stock and $1,200,000 of common stock outstanding, each having a par value of $10 per share. No dividends have been paid or declared during 2013 and 2014. As of December 31, 2015, it is desired to distribute..
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In 2014, Rick had a $12,000 gain on the sale of stock purchased three years ago, a $7,000 loss on the sale of a personal use automobile, and a $3,000 loss from the sale of land used in his business (owned for six years).
Determine and journalize the foreign exchange adjustments for 2005, 2006 and 2007 for the Canadian subsidiary.
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