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Chot acquired a tract of land with an existing building in exchange for 20,000 ordinary shares of P 10 par value with a market price of P 20 per share on the date of acquisition. The last tax bill assessed value of P 200,000 for the land and P 120,000 for the building. However, the land has a fair value of P 550,000 and the building has no determinable fair value. Shortly, after acquisition, the building was razed at a cost of P 9,000 in anticipation of a new building construction.
Problem 1: What is the cost assigned to land?
Problem 2: Assuming the fair value of the land is not available, what would be the cost of the land?
At the end of fiscal year 2010, the Acme Company wishes to declare $50,000 in common stock dividends. They currently have 100,000 shares of common stock outstanding and 5,000 shares of $100 par value, 5%, cumulative preferred stock.
Assume there are 36 units on hand at the end of the period. Sunland uses the periodic approach. Determine the cost of goods sold under FIFO
Seven Corporation reports the following amounts in their 2010 financial statements.
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Ed McDouglass devoted 100% of his time to the operations of Skyline Views. He was a no-nonsense general manager
1.On December 31, 2013, Interlink Communications issued 6% stated rate bonds with a face amount of $100 million.
The following are selected account balances for Charlie Company's operations for the FY ended December 31, 2016. What is the Gross Profit Margin ratio for year
Required: Calculate the economic value added (EVA) for each of Golden Gate Construction Associates' divisions
The direct costs of providing the service, which is all labor, averages $40 per hour. What is the estimate life-cycle operating income
1. corresponds to clo 5a lennox corporation purchased a new delivery truck for 35000. the sales taxes are 2700. the
at the appellate level the document that is given to the judges to inform them of the parties positions ironically is
What do each of these mean and how will each impact the audit process and the audit results? Which do you consider the more important risk?
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