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Tamaraw Company purchased cattle at an auction for P 300,000 on July 1, 2020. Cost of transporting the cattle back to the company's farm was P 3,000 and the company would have to incur cost similar transportation cost if it was to sell the cattle in the auction in addition to auctioneer's fee of 2% of sales price.
On December 31, 2020, after taking into account the location, the fair value of the biological assets had increased to P 500,000 (that is, the market price including the cost of transporting the asset).
Problem 1: What amount should the biological assets be reported in the December 31, 2020 statement of financial position?
a. P487,000
b. P490,000
c. P497,000
d. P500,000
How are these amounts determined at Acquisition? How are these amounts accounted for in subsequent periods? In a stock acquisition accounted for by the equity
SNL corporation, a C corporation, reports $400,000 of taxable income in the current year. SNL's tax rate is 35 percent. Answer the following questions, assuming Keegan, SNL's sole shareholder, has a marginal tax rate of 28 percent on ordinary inco..
kentucky motors has manufactured compressor parts at its plant in pitcairn indiana for the past 18 years. an outside
The housing contract from Problem continues on into the next year, with the last housing start occurring in April, as shown in the following table.
1.warner tool company produces class rins to sell to collegeand high school students. these rings sell for 75.00 each
At the beginning of 2010, the Brent Company amended its defined benefit pension plan.
Calculate the break-even point units. Variable costs per unit of $10, annual fixed costs of $120,000 and selling price per unit of $20
Mary's estate had no deductions or adjusted taxable gifts. What was Mary's lowest possible estate tax liability
Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution.
Net present value-Independent projects. Using a 14% cost of capital, calculate the net present value for each of the independent projects shown in the following table, and indicate whether each is acceptable.
Waddell Productions makes separate journal entries for all cost accounting-related activities. Record the necessary journal entries to close the accounts
The Evangelical Private School follows FASB standards of accounting and reporting. Record the following transactions during the year ended June 30, 2012.
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