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Problem 1: Andy Ltd acquired a patent for $20,000 on 31 September 2015. The patent is for a period of 20 years and it is estimated that its useful life will be 10 years. What journal entry is required on 31 December 2015, the end of Andy Ltd's financial year?
Select one:
a. Dr Amortisation Expense-patent $500, Credit Accumulated Amortisation-patent $500.b. Dr Amortisation Expense-patent $250, Credit Accumulated Amortisation-patent $250.c. Dr Amortisation Expense-patent $1,000, Credit Accumulated Amortisation-patent $1,000.d. Dr Amortisation Expense-patent $2,000, Credit Accumulated Amortisation-patent $2,000.
In October, a French company (seller) and a Shanghai company (buyer) have set up a contract of selling 200 sets of electronic computers (1000 USD each), and the payment shall be made according to the irrecoverable letter of credit. And the delivery s..
Determine (a) the standard cost per dress for direct materials and ,direct labor; (b) the priceVariance, quantit ariance, and total direct matd4als cost variance; and (c) the rate \ypi, fiance, time' v, lance, and total dire,Sbor cost variance.
Candy is Store A's most popular product. The setup cost of an order with the supplier is $70. Determine the economic order quantity
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