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Problem 1: On January 1, 2020, Pooner Inc. purchased equipment with a cost of P4,668,000 a useful life of 15 years and no salvage value. The company uses straight-line depreciation. At December 31, 2021, the company determines that impairment indicators are present. The fair value less cost to sell the asset is estimated to be P3,600,000. The asset's value-in-use is estimated to be P3,690,000. There is no change in the asset's useful life or salvage value. The 2021 income statement will report Loss on Impairment of
a. P0
b. P290,000
c. P200,000
d. P355,600
Faust sold goods that cost $6,000 for $10,000. The sale was made on account. show the net effect of the sale on the company's financial statements
During the months of January and February, Prepare journal entries to record the transactions, assuming Solitare uses a perpetual inventory system.
howell corporation produces an executive jet for which it currently manufactures a fuel valve the cost of the valve is
Appraised at a sound value of P600,000. Under the revaluation model, what amount should be reported in the shareholder's equity as a result of revaluation?
calculation of product cost of providing one evening of instruction.wakefield inc. offers a cpa review course in cities
Draw the entry for the current tax expense if the tax loss for 2018 was $600,000 and that the recognition criteria was satisfied in 2018
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Show the Journal entries for the purchase and the sale of shares.
ACC 290- The statement of financial position for Ruiz Company includes the following accounts. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence.
What amount should Koduck record in the Warranty Expense account in April? During April, Koduck Cameras sold 150 instant cameras for $100 each
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