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A company purchased a machine on January 1, 2008 for $100,000. The company believes the machine will not have any net salvage value at the end of its 10-year useful life. The machine is depreciated using the straight-line depreciation method. At December 31, 2009, the machine is deemed to have a fair value of $74,000. At December 31, 2011, the fair value of the machine is $70,000.
A. What is the recorded impairment and net value of this machine on December 31, 2009 and 2011 using IFRS? Show all workings related to impairment and reversal of impairment and creation of revaluation surplus using the amortization elimination method (as done in class)
B. What is the recorded net value of this machine on December 31, 2009 and 2011 using US GAAP?
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MBA 640 Exam 1, Spring 1, 2014, Determine the net income for the month of December and for the month of June.
Karen, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Karen's basis in the land is 275,000, the corporation assumes a liability on the property in the amount of 300,000...
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Foreign currency translation adjustments arising from translation of the financial statements of a foreign subsidiary are reported in:
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Determine the equivalent units and costs per equivalent unit for materials and conversion costs. Are the ending balances in the WIP and Finished Goods inventory as shown correct? If they are not correct, what should the ending balances be?
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Consider that the Millers' adjusted gross income was $50,000, how much of a medical expense deduction may the Millers claim on their joint return
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