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The company purchased a security at a discount on 1 January 2009.The face value of the security was $1,000,000 and the price paid on1 January 2009 was $967,000. There were no transaction costs. The security matured on 30 June 2009. The company isnot sure how to account for the instrument under the variousavailable classifications. You have been asked to provide the journal entries for each calendar month, commencing 1 January 2009 and ending 30 June2009, to record the security in accordance with AASB139 assuming that it is classified as:
a) Held-to-Maturity
b) At Fair ValueThrough Profit or Loss
c) Available-for-Sale (Note: the following information is provided to assist you with information you may need in responding to this question)
The parent company's share of the fair value of the net assets of a subsidiary may exceed acquisition cost. How must this excess be treated in the preparation of the consolidated financial statements? What is the reasoning that supports this treat..
What is the danger in allocating common fixed costs among product lines or other segments of an organization?
A corporation borrowed money from a bank to build a building. The long-term note signed by the corporation is secured by a mortgage that pledges title to the building as security for the loan. The corporation is to pay the bank $80,000 each year fo..
Brown Company's contribution margin ratio is 24%. Total fixed costs are $84,000. What is Brown's break-even point in sales dollars?
What are the common errors and frauds in the personnel and payroll cycle? Which control characteristic are auditors looking for to prevent or detect these errors and frauds?
Lisa has a $25,000 basis in her partnership interest before receiving a current distribution of $4,000 cash and land with a $30,000 FMV and $14,000 basis to the partnership.
On March 5th, Blowout Sales makes $22,500.00 in sales on the company's own credit cards. The cost of merchandise sold are $16,825.00. Journalize the sales and recognition of the cost of merchandise sold.
Carleton Service Center just purchased an automobile hoist for $14,947. The hoist has a 5-year life and an estimated salvage value of $1,410. Compute the payback period for the new hoist.
For most firms, the function of indicating credit approval is recorded on the:
Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.
Put in holding company in exchange for 1 million in p/s and 800,000 in debt, what are the tax consequences?
Donated equipment for which the fair value has been determined should be recorded as a debit to the appropriate equipment account and a credit to:
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