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At December 31, 2008, Voga decided to change the depreciation method on its office equipment from double-declining balance to straight-line. The equipment has an original cost of $100,000 when purchased on January 1, 2006. it has a 10-year useful life and no salvage value. Depreciation expense recorded prior to 2008 under the double-declining balance method was $36,000. Voga has already recorded 2008 depreciation expense of $12,800 using the double-declining balance method.
Write a short MEMO in IRAC format - Issues, rules, analysis and conclusion. Wheeler purchased two parcels of real property for $10,000 each in Year 1 and held the property for investment.
In the middle of the year, the price of Lake Corporation's major raw material increased by 8%. How would this increase affect the company's break-even point and margin of safety?
How do you calculate total book value of shares before the dividend if the shareholder has 850 shares and book value per share is $38.18 ?
Discuss the ethical implications of the IRS using social media networks to help identify tax returns for audit. Take a position on the whether or not the ethical implications identified above outweigh the benefits of seeking out targeted people to..
On December 31, Year One, the Haynie Company is producing financial statements. How is this forward exchange contract reported?
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for stockholders' equity.
What are the tax results to Woodpecker Corporation as a result of the liquidation? (Woodpecker Corporation has held the land and securities for six years.)
The term Hispanic is an umbrella terms for people from many different Spanish-speaking cultures in the Western Hemisphere. Although the grouping includes a wide range of cultures there is evidence of the formation of a panethnic identity. What do ..
Rice Inc. had 420 million shares of common stock and 1 million shares of 6%, $200 par, cumulative preferred stock outstanding at the end of 2008 and 2009.
The used truck had a fair value of $6,000 on the date of the exchange. The exchange has commercial substance. At what amount should the new truck be recorded on Part's books?
An enterprise that holds a variable interest in a variable interest entity (vie) is required to consolidate the assets, liabilities, revenues, expenses, and noncontrolling interest of that entity if:
On January 2, 2010, it purchased for cash $25,300 of equity securities that it classified as available-for-sale. It received cash dividends of $4,070 during the year on these securities. In addition, it has an unrealized holding gain on these secu..
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