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On January 1, 2001, the Best Use Company, an IFRS compliant company, purchased a building for use as a recreation area. The original purchase price of the building is $600,000 and has a useful life of 30 years and will be depreciated using straight line depreciation. The company uses the alternate treatment of asset valuation under IAS 16. At December 31, 2005, the company engaged an appraiser who determined the fair market value of $750,000. At December 31, 2010 the appraiser determined that the fair market value of $250,000. What journal entry, if any, would be made to revaluate the asset and what effect would they have on the balance sheet and income statement? If applicable, please show journal entries for both the net and gross methods of revaluation for !2/31/05 and 12/31/10.
Written, Inc. has outstanding xxx,000 shares of $x par common stock and xx,000 shares of no-par x% preferred stock with a stated value of $x. The preferred stock is cumulative and nonparticipating.
A Kubota tractor acquired on January 9 at a cost of $75,000 has an estimated useful life of 20 years. Assuming that it will have no residual value, determine the depreciation for each of the first two years:
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Robins Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company's financial statements.
Prepare the bank reconciliation for Janus Jutes, Inc. dated May 31, 2009. Janus made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
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Provide the necessary journal entries to record the transactions for Wilcox for the period January 2, 2011 through December 31, 2012.
What would be the effect of this purchase on income before income taxes? (Leave no cells blank - be certain to select "No effect" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)
Prepare a brief memo (no more than 120 words) giving the arguments for and against offering this preferred stock. In the memo also briefly mention other methods of obtaining the cash.
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