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Problem 1: On December 31, 2020, Grains Company sold a truck to Bryan Company and simultaneously leased it back for one year. The entity provided the following information: Sales price is P360,000. Carrying amount is P330,000. PV of reasonable lease rentals at 30,000 for 12 months @ 12% is P341,000. Estimated remaining useful life of the asset is 12 years. In the income statement for 2020, what amount should be reported as gain from the sale of the truck?
Business reasons, and not tax incentives, constitute the primary motivation for most corporations to form a conglomerate and file tax and financial accounting reports on a consolidated basis.
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The unit sales price is $100, unit variable cost is $30, and the fixed costs per month are $5,000. The margin of safety in terms of sales revenue is
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On December 31, 2013, what amount would HU show as the balance in an unearned revenue account for the gift cards? HU Photoshop sold $1000 in gift cards on a special promotion on October 15, 2013, and sold $1,500 in gift cards on another special promo..
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Trescott Company had the following results of operations for the past year: A foreign company (whose sales will not affect Trescott's market) offers to buy 3,000 units at $17.00 per unit. In addition to the variable manufacturing costs, selling these..
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