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Question - On January 1, 2016, ABC Company bought an equipment for 1,350,000 with a useful life of 10 years but no residual value at the end of its life.
On January 1, 2020, the equipment was appraised which resulted to a replacement cost of P2,700,000 and a residual value of 270,000 but no change as to the remaining useful life.
What is the amount of revaluation surplus on January 1, 2020, if any?
What is the subsequent annual depreciation after the revaluation test?
a company has 200000 par value 10 bonds outstanding. prepare the companys journal entry to retire the bonds at the date
Goodwin Worldwide prepays a one-year insurance policy in the amount of $240,000, What is the correcting entry on December 31
What does independence mean in an auditing context? Compare and contrast in fact and in appearance, and illustrate their differences
What information can be used, besides the financial statements of an organization, when analyzing its financial health? Being detailed in your response.
Olivia Company deducts insurance expense of 84,000 for tax purposes in 2020, What is the amount of the deferred tax liability at the end
What is the role of the accountant/controller in the purchase or development and implementation of an accounting information system
What are some of the advantages or disadvantages of filing consolidated returns? What are some of the financial statement implications of consolidated.
Use logic and the accounting principles you have learned thus far to develop your argument. You must include at least three points as to why this route
an asset which costs 27000 and has accumulated depreciation of 10400 is sold for 15200. what amount of gain or loss
Last year $500,000 worth of inventory was lost to thieves who broke in through windows and doors. What is net benefit from implementing Preventative Controls
Suppose that a company issues the following bonds at different times. Interest on the bonds is paid annually
Prepare Income Statements under Successful Efforts (SE) and Full Cost (FC) accounting methods for Dylon Oil Company based on the revenue and costs
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