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On January 1, 2015, Jhonson Company sold equipment with a carrying amount of P4,800,000 in exchange for a P6,000,000 noninterest-bearing note due January 1, 2018 There was no established exchange price for the equipment.
Problem 1: What amount should be reported as interest income for 2015?
a. 600,000
b. 500,000
c. 450,000
d. 400,000
Problem 2: What amount should be reported as gain or loss on sale of equipment for 2015?
a. 1,200,000 gain
b. 2,700,000 gain
c. 300,000 gain
d. 300,000 loss
Interest in the partnership and the total amount of goodwill credited to the original partners was $700. What amount did Zell contribute to the business?
The present value of the cash inflows would be $56,500. The profitability index of the project is closest to: (Round your answer to 2 decimal places.)
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Company uses A periodic inventory system. Beginning inventory consisted of 360 units that cost $65 each. Using LIFO, what is the amount of cost of goods sold
the customer purchasing the land from Corporation would normally be required to pay 9% interest
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