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Question - On January 1, 2020, Garcia Company sold property to Magsaysay Company which originally cost Garcia P760,000. There was no established exchange price for this property. Magsaysay gave Garner a P1,200,000 zero-interest-bearing note payable in three equal annual installments of P400,000 with the first payment due December 31, 2020. The note has no ready market. The prevailing rate of interest for a note of this type is 10%. The present value of a P1,200,000 note payable in three equal annual installments of P400,000 at a 10% rate of interest is P994,800. What is the amount of interest income that should be recognized by Garcia in 2020, using the effective-interest method?
Inventory with the cost of $325,000 was transferred to finished goods. What is the ending balance of goods in process inventory
James want to buy flat screen television for his new apartment. Calculate the total cost (principal plus interest) for the 90-day promissory note from the bank?
Nov. 15 A dividend of $1 per share was received on the Green Corporation shares. Prepare journal entries for the above transactions
The company uses a straight-line rate of 10%. Bronson's fiscal year end is June 30. Compute the accumulated depreciation at the fiscal year end of 2022
if the gain is from the portfolio is the 10 added to each amount on the balance sheet? how is this reported on the
Suppose Islamic Bank earns a monthly profit of Rs. 50 lakhs by using this deposited money. Calculate the monthly profit rate of each customer
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Cash dividends declared and paid were $3,000. What were the net income and the change in retained earnings for the period
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In computing basic loss per share, the annual preference dividend on cumulative preference shares should be? added to the net loss whether declared or not.
How should investment returns be measured? Do financial services companies have an incentive to provide nominal rather than true rates of return
Pronghorn Company had the following account balances at year-end: Cost of Goods Sold $64,120; Make the adjusting entry necessary
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