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Wrangler, Inc. sold a building and land used for business purposes for a total of $550,000. Wrangler properly allocates the sale price between the building, $350,000, and land, $200,000. Wrangler bought land and building 6 years ago for a total purchase price of $450,000 with $325,000 allocated to the building and $125,000 allocated to the land. Over the years, Wrangler has recognized $50,000 of depreciation. Problem 1: What is the amount and character of Wrangler's gain or loss on the building and the land?
A 30- year bond has a face value of $5,000.00 and it pays dividend every 2 months at a nominal interest rate of 12%. You purchased the bond for $4, 800.00 at a given time. After 3 years you decided to sell it. What is your selling price if you earned..
Wissota Co. applies overhead based on direct labor hours. The variable overhead standard is 4 hours at $6 per hour. During February, Wissota Co. spent $56,700 for variable overhead. 9,150 labor hours were used to produce 2,400 units. What is the over..
On December 31, 2020, Zia Inc. sold its debt instrument at 110. How much gain should Zia Inc. recognize as a result of the disposal?
Prepare journal entries required at December 31,2018 and December 31, 2019, assuming that the inventory is recorded at LCNRV, using a perpetual inventory
Why the above entries are made for the intragroup transaction (T2) as at 30 June 2019, noting the adjustments to each account separately.
Assume that Jong used the equity method of accounting for its investment in Nye instead of the cost method. Calculate the balance of its Investment in Nye account and prepare the consolidated financial statements for Peony at December 31, 20X6 usi..
Determine the operating profit Company Y would have earned if it had manufactured and sold 550,000 units in the year.
Discuss either the pro or con of full financial disclosure. You must take a position advocating full disclosure and why this is beneficial for the marketplace and the economy or a position arguing that the associated costs of full disclosure outweigh..
What is the capital spending cash flow of Year 0 and Year 4? Demiralp, Inc., is planning to set up a new manufacturing plant in New York
The above trends suggest an increasing use of sophisticated techniques linked with an increase in payback. You are required to explain and justify this trend, and outline its implications.
Ownership are estimated at $240,000, but this cost would be borne by the lessor if it leases. What is the net advantage to leasing (NAL), in thousands?
If sales grow by 20 percent next year, determine how many dollars of new funds are needed to finance the growth. (Do not round intermediate calculations.)
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