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Question - Robert Co. purchases land and constructs a service station and car wash for a total of $520,000. At January 2, 2020, when construction is completed, the facility and land on which it was constructed are sold to a major oil company for $610,000 and immediately leased from the oil company by Robert. Fair value of the land at time of the sale was $60,000. The lease is a 10-year, noncancelable lease. Robert uses straight-line depreciation for its other various business holdings. The economic life of the facility is 15 years with zero salvage value. Title to the facility and land will pass to Robert at the end of the lease term. What the gain from the sale-leaseback recognized by the seller-lessee for 2020?
Presented below are financial statements (except cash flows) for two not-forprofit organizations. Neither organization has any permanently restricted net assets
For each statement (a) and (f), identify the internal control principle being applied. Using the above description, prepare a list of steps and documentation similar to the first two columns of Exhibit 5.6. Also include a third column that lists the ..
Record the necessary journal entries in the table. On December 30, 2020, Pizza Gnomes Inc. declared an $0.25 cash dividend per share to holders of record
1. devlin company has two divisions c and d. the overall company contribution margin ratio is 30 with sales in the two
Journalizing bond transactions Adam issued $40,000 of 1 0-year, 5% bonds payable on January 1, 2016. Adam pays interest each January 1 and July 1.
It provided data showing that cash payments for wages and salaries to employees for the year were ¥8,853 million
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In addition, assume that Anheuser-Busch InBev sold 320 million barrels of beer during the year. Compute the break-even number of barrels for the current year
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