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The Peridot Company purchased machinery on January 2, 2009, for $800,000. A five-year life was estimated and no residual value was anticipated. Peridot decided to use the straight-line depreciation method and recorded $160,000 in depreciation in 2009 and 2010. Early in 2011, the company revised the total estimated life of the machinery to eight years.
Required:
1. What type of change is this?2. Briefly describe the accounting treatment for this change.3. Determine depreciation for 2011.
Ferris Company began 2013 with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2013 are as follows:
Tversky and Co. have devised a new psychological test for investors' risk tolerance. They expect to sell 10,000 tests in the first year at $150 each. Cash costs associated with producing, administering and scoring the test are $50 per unit. In the..
Finley had 10,000,000 shares of common stock outstanding during 2012. Prepare a partial income statement for Finley beginning with income from continuing operations.
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accounting practices for interest expenditures may neither reflect actual economic cost nor mirror those for interest
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