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Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corporation uses the nearest full month assumption to calculate depreciation). The following occurred in 2015:
A. March 31, 2015 - Negotiations which began in 2014 were completed and a building purchased 1/1/06 (depreciation has been properly charged through December 31, 2014) at a cost of $6,400,000 with a fair value of $4,000,000 exchanged for a second building which also had a fair value of $4,000,000. The exchange had no commercial substance. Both parcels of land on which the buildings were located were equal in value, and had a fair value equal to book value.
Prepare the journal entries to record depreciation on the old building and non-monetary exchange on March 15, 2015.
Greta Grantor made $1 million of taxable gifts in 2009, the only taxable gifts she made prior to this year. Greta was married on January 2nd of this year to Gerard Gold digger. De
Q. What kinds of benefits have communities realized due to FCA? Communities have understood the following benefits by using FCA: • Rates or tipping fees are set right and fa
You perform a travel cost study that looks at the relationship between the cost of visiting a lake (including costs of travel, value of time spent not working & any entry fees), it
1. Shares were certified at a premium of Rs. 1.50' per share. 2. Throughout the year Taxation liability regarding of 2002 was Rs, 20,000 and paid. 3. Throughout the year, Rs.
Mrs. M. Botham is a sole trader, selling a variety of fashionable clothing materials. Her business year end is 31 December 2011. You have been given the following trial balance
The book of Deven Verma could not be tallied. The account transferred the difference of Rs. 1.270 in the suspense account on the debit side. the following mistakes were found later
explain the practical application of differential costing with the help of suitable example.
The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $58
Tracking Direct Materials Jack keeps full records of the material released to each job. When Donnie gathered up light bulbs, tape, breakers, wire, and wire nuts on the morning
Material Costs Material refers to each physical input into the production procedure. They involve the giving as: Raw material refers to bought in material that is used
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