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Question - LED Corporation owns $1,700,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available-for-sale. The market price of Branch's bonds fell by $1,150,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in OCI as a temporary unrealized loss in a prior period. LED views $760,000 of the $1,150,000 loss as related to credit losses, and the other $390,000 as non credit losses. LED does not plan to sell the investment and does not think it is more likely than not that it will have to sell the investment before fair value recovers.
What journal entries should LED record to account for the decline in market value in the current period? How should the decline affect net income and comprehensive income?
On November 30, 2020, there was a fire in the factory of Able Manufacturing, Calculate the normal cost of the work in process inventory lost during the fire.
Why Luke is in favour of accepting the contract while Michelle is opposed, and if there is anything he can do to avoid these types of conflicts
Which can Victor not recognize as an expense, assuming all relate to business transactions? Use of electricity to which Victor will be invoiced in three months
Prepare a cost of goods manufactured schedule, cost of goods sold schedule, and an income statement to the net operating income.
Compute the unit manufacturing costs of each product under a traditional (i.e. volume based) costing system using "direct labor cost" as the allocation basis. 2. Compute the unit manufacturing cost of each product under the activity-based costing sys..
What is the estimated total cost for the coming year if 16,000 trainer hours are incurred and the stable has 400 horses to be trained, based on the best cost
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40% of the next month's production needs. Use this information to determine number board feet of lumber that Towson Company should buy in June.
What is the firm's value if cash flows are expected to grow at an annual rate of 12% for the first 2 years, followed by a constant annual rate of 7%
State three methods that can be in an organisation to record attendance time as well as time spent on individual jobs. Provide the suitable example
Prepare a budgeted balance sheet as of March 31.? Stillwater Video Company, Inc. produces and markets two popular video games.
According to amended 4th and 5th schedule of Companies Act 2017 highlight the differences between disclosure requirements for Listed and Non-Listed companies
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