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Problem - On January 1, 2014, WISE Inc. acquired a patent with for P10,000,000 with remaining useful life of 5 years and remaining legal life of 10 years. On December 31, 2014, WISE was sued by a competitor on alleged patent infringement. WISE prevailed in the case and incurred litigation costs in successfully defending the patent in the amount of P2,000,000. On July 1, 2016, WISE sold the patent for P5,000,000 and incurred P500,000 disposal cost. What is the carrying value of the patent on December 31, 2015?
Should Horace follow the bank's suggestion? The bank suggests that Horace transfer his money into the bank's Supersaver account that offers a continuously
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Where is materiality not used in providing financial information?
Statement of partnership liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Gold, Porter, and Sims are $55,000, $45,000, and $20,000, respectively. Cash, noncash assets, and liabili..
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Identify the effect the declaration of a stock dividend has on total share capital, retained earnings, and shareholders' equity. Total Share Capital
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