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a. warren company plans to depreciate a new building using declinign balance depreciation with 200 percent accelerationrate. the building cost $800,000. the estimated residual value ofthe building is $50,000 and it has an expected useful life of 25years. assuming the first year depreciation expense was recorded properly what would be the amount of depreciation expense for the second year?
b. Pyle company purchased an asset that cost $50,000( noresidual value esimated useful life 8 years, straight linedepreciation used). an error was made because the total cost amontwas debited to an expense account for 2009 and no depreciation onit was recorded. pretax income for 2009 was $42,000. the correctpretax should be?
c. boone industries pruchased a truck for $35000 onjan.1,2009. the truck had an estimated useful life of 80000 milesand estimated residual value of $8000. in the 3rd year ofownership(2010), the car was driven 25000 miles. using units ofproduction method the amt of depreciation expense for 2010 is?
In exchange for all of its stock, Aqua receives: assets (basis of $380,000 and fair market value of $1.8 million), trade accounts payable of $125,000, and loan due to a bank of $375,000. The proceeds from the bank loan were used by Shawn to provid..
Prepare the journal entry to record pension expense and the employers' contribution to the pension plan in 2011.
Imagine that your client, Hillside County Forest Preserve (HCFP)
The return on MBS is independent of the default rate on the underlying mortgages. True or false and why?
Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. What is the controlling interest in consolidated net income for 2010?
Norton's outstanding stock consists of (a) 13,000 shares of noncumulative 8% preferred stock with a $10 par value and (b) 32,500 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and pai..
Prepare journal entries required at December 31, 2010, and December 31, 2011, assuming that the inventory is recorded at cost and an allowance account is adjusted at each year-end under a perpetual system.
Determine the equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory.
An investment that costs $30,000 will produce annual cash flows of $10,000 for a period of 4 years. Given a desired rate of return of 8%, the investment will generate a (round your answer to the nearest whole dollar).
During the last month of 2011, the first month of the offer, Funzy sold 12 million boxes of wheatos and 2.4 million of the coupons were redeemed. What amount should Funzy report as a promotional expense for coupons on its December 31, 2011, income..
The subsidiary still possesses 40 percent of this inventory at the current year end. Top had established the transfer price based on its normal markup. What are the consolidated sales and cost of goods sold?
Maggie is single and supports her 85-year-old parents who live in a home rented for them by Maggie and who have no income. What is Maggie's filing status and why?
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