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Problem 1: Coral Company accounts for noncurrent assets using the cost model. On July 31, 2018, the entity classified a noncurrent asset as held for sale. At that date, the carrying amount was P1,450,000, the fair value was estimated as P2,150,000 and the cost of disposal at P150,000. The asset was sold at January 31, 2019 for P2,120,000. At what amount should the asset be measured in the statement of financial position on December 31, 2018?
a. 2,000,000
b. 2,150,000
c. 2,120,000
d. 1,450,000
Zagat Ltd. enters into an agreement on March 1, 2019, to sell Werner Metal aluminum ingots. Prepare Zagat's journal entry necessary on March 1, 2019
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To help finance a major expansion, Castro Chemical Company sold a noncallable bond several years ago that now has 20 years to maturity. This bond has a 9.25%.
Whiley Company issued a $100,000, five-year, 10 percent note to Security Company on January 2, 2014. Interest was to be paid annually each December 31. The stated rate of interest reflected the market rate of interest on similar notes.
Prepare the necessary consolidation working paper eliminating entries related to the above inu pany transactions at December 31, 2020.
1.on november 15 2010 betty corporation accepted a note receivable in place of an outstanding accounts receivable in
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Determine the cash balance per books (before adjustments) for Yenn Company
rich co. had a loss due to earthquake damage totaling 100000. this loss was both unusual and infrequently occurring.
What would you expect the market price for a Genoa Ltd share to be? I.e. what is the present value of the Genoa Ltd share
wisconsin warning co. plans to finance its operations by issuing 5000000 of 5 year 12 bonds with interest payable
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