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On Feb 1, 2002, Miyasawa Mining Company purchased a mine for a value of $80 million, which is estimated to have 250,000 tonnes of ore and a residual value of $3 million. The cost of restoration at the end of the useful life is estimated at $8 million. During the first year, 5 million tonnes were mined.
a) calculate the amount of amortization that should be recorded on December 31, 2002.
b) Calculate the amount of amount of the restoration liability.
c) Show journal entry for December 31, 2002.
For both companies, as of the end of 2009, the existence of a LIFO reserve demonstrates that LIFO inventory is less than it would have been if FIFO had been used. For both companies, compute the ratio of LIFO inventory/FIFO inventory for 2009 endi..
A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2009, for 100,000 pesos each. It pays for both items on June 1, 2009
On June 1, 2001, Janson Bottle Company sold $500,000 in long-term bonds for $428,800. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10% (use the 10%).
Section 351 allows the tax-free creation of a corporation, or, rather, the tax free contribution of money or property to a corporation in exchange for stock in that corporation.
The computation of pension expense includes all the following except a. service cost component measured using current salary levels. b. interest on projected benefit obligation.
Discuss accounting techniques in general as they relate to the profession. Some things to discuss are the different accounting roles and positions that are out there and how you see yourself fitting into those roles based on what you have learned ..
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate has declined; the fair ..
Garden Corporation engaged in the following transaction. Indicate where, if at all, it would be classified on the statement of cash flows. Assume the indirect method is used.
Your friend, Mark, has opened a movie theater. Mark states that he does not have time to develop and implement a system of internal controls. a. Provide Mark with the objectives of a system of internal control.
Distinguish between liquidity and profitability.
How do the requirements originally established by SFAS N. 157 affect the use of fair value measurement in financial statements?
What is the relationship between FASB's requirements for segment-based disclosures and a company's profit centers?
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