Reference no: EM132604196
Question 1: On August 1, 2020, Chapelle Corp. purchases a new machine. The company makes a $7,200 cash down payment, and agrees to pay four monthly instalments of $10,800 each, starting September 1, 2020, signing a non-interest-bearing note to this effect. The cash equivalent price of the machine is $43,200. As well, Chapelle pays installation costs of $1,200. The recorded cost of the machine should be
Option 1: $51,600.
Option 2: $50,400.
Option 3: $8,400.
Option 4: $44,400.
Question 2: Long-lived assets that are held for sale
Option 1: continue to be depreciated.
Option 2: are carried at the higher of book value and fair values less costs of disposal.
Option 3: are generally not re-measured at each balance sheet date.
Option 4: are reported separately from other assets.
Question 3: Goodwill is the excess of the purchase price of the acquired enterprise over the
Option 1: fair value of the tangible net assets acquired.
Option 2: book value of the identifiable net assets acquired.
Option 3: book value of the tangible net assets acquired.
Option 4: fair value of the identifiable net assets acquired.
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