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Question - Taks Co. exchanged an old machine, costing P3,000,000 and 50% depreciated, for used machine and paid a cash difference of P500,000. The fair value of the old machine was determined to be P1,800,000. What amount should be recorded as cost of the machine in exchange?
Picture had produced the inventory sold to Seven for $38,000. What amount of sales will be reported in the 20X1 consolidated income statement
Flint Corporation issues $1,000,000 of 30-year, 8 percent bonds at 106. How much bond interest expense is recorded on the first interest date
Discuss what a like-kind exchange is. What are the advantages? What type of assets are usually associated with this? Maximum 250 words with references.
Prepare journal entries for Pike Corporation to account for its investment in Salmon Corporation for 2010 and 2011
Which of statements is true about work-in-process inventory? It consists of the costs of the direct and indirect materials that have not yet entered manufacture
Why is it important to disclose certain non cash transactions? How should they be disclosed?
The payment of interest on July 1, assuming that interest was not accrued on June 30.
In 2012, Utility Queen recorded an EBIT (Earnings before Income Tax) of $535,000; What was the company's debt-to-equity ratio for 2011
In a command or planned economy, the government, not the market, regulates the factors of production and economic activities considered essential to the function of the economy.
The latest advances in technology, Find and Research on the emerging technologies in auditing profession and identify how it would benefit the profession.
If the person with the Account Statement given only pays the minimum payment on the balance, how long will it take to pay off the balance?
Make a tabular summary of the effects of the alternative actions on the company's stockholders' equity and outstanding shares.
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