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Question - An entity purchased equipment on January 2, 20x0 at a cost of $800,000. During 20x0, the entity received a government grant of $200,000 towards the purchase of the equipment. The $200,000 was credited to income in 20x0. The equipment is being depreciated using the diminishing balance method at a rate of 25%. The residual value of the equipment is estimated to be $50,000 at the end of it's 6 year useful life. In 20x2, you notice the error made in 20x0. Ignoring taxes, what journal entry will you write the beginning of 20x2 to correct the error?
Make the journal entries to account for the events and transactions in relation to the item of machinery between 1 July 2015 and 1 July 2019.
On December 31, Year 1, ATAL Corporation, Prepare the journal entry(ies) to record the conversion of the bond, December 31, Year 5
Prepare entries in the general fund to record the transactions and events Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000.
Calculate the maximum integral value of n such that the parents will have accumulated at least 9000 after seven years from today.
First, steel blanks (tools without the diamond coating) are cut to size. Second, the blanks are sent to a chemical bath that prepares the tools for the coating process.
Prepare the payroll entry to record the bond issue on 1/1/2022. On January 1, 2022, the Martines company sold $ 5,000,000 in 10-year bonds at 9%.
calculate gross profits of costs of goods sold and selling price mbi inc. had sales of 141.6 million for fiscal 2009.
Beginning retained earnings $40,000, Ending retained earnings $58,000 and Dividends paid $16,000. What the estimated net income is closest to?
Schefter Mining operates a copper mine in Wyoming. Acquisition, exploration, and development costs totaled $8.2 million. Extraction activities began on July 1, 2011. What is the initial cost of the copper mine? How much accretion expense will Sche..
Village had a taxable capital gain in the year of $2,000. based on accounting and tax basis gain of 4,000. Calculate the net income for tax NIFT
On September 30, 2016, Athens Software began developing a software program to shield personal computers from malware and spyware. Technological feasibility was established on February 28, 2017, and the program was available for release on April 30, 2..
In 2012, Quapau Products introduced a new line of hot water heaters that carry a one-year warranty against manufacturer’s defects. Based on industry experience, warranty costs were expected to approximate 5% of sales revenue. First-year sales of the ..
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