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1. Capitalization of Interest Langer Airline is converting from piston-type planes to jets. Delivery time for the jets is 3 years, during which substantial progress payments must be made. The multimillion-dollar cost of the planes cannot be financed from working capital; Langer must borrow funds for the payments. Because of high interest rates and the large sum to be borrowed, management estimates that interest costs in the second year of the period will be equal to one-third of income before interest and taxes, and one-half of such income in the third year. After conversion, Langer's passenger-carrying capacity will be doubled with no increase in the number of planes, although the investment in planes would be substantially increased. The jet planes have a 7-year service life. Give your recommendation concerning the proper accounting for interest during the conversion period. Support your recommendation with reasons and suggested accounting treatment. (Disregard income tax implications.)(AICPA adapted)
What amount must include of his SS benefits in the Form 1040 in income - James Pabon, a single taxpayer, is retired and receives SOCIAL SECURITY BENFITS of $ 16,000 in the year.
The pension obligation on the basis of the plan formua applied to years of service to date and based on existing salary levels.
Compare investment alternatives. Two acquaintances have approached you about investing in business activities in which each is involved. Nateisha is seeking $2,800 and Tian needs $3,600. One year from now your original investment will be returned, al..
Prepare journal entries relating to the stock-option plan for the years 2010, 2011, and 2012. Assume that the employee performs services equally in 2010 and 2011.
Kerry Company has 1,450 shares of $100 par value, 12% preferred stock and 8,300 shares of $10 par value common stock outstanding. The preferred stock is a nonparticipating. Dividends were paid in 2010. Since 2010, Kerry has declared and paid divid..
Under the IFRS revaluation model, what amount would be reported on the company's 2013 and 2014 balance sheets for the land and for the building? Show any necessary computations.
1. produce a balance sheet for a company that distinguishes between current and non-current assets and liabilities2.
For $10,000 Lark can hire a consultant who will predict who will win the trial. The consultant is correct 90% of the time. Should she hire the consultant? (Assume she is risk neutral). What is EVSI?
canyon reported 106000 of net income for the year by using variable costing. the company had no beginning inventory
for 2012 lbj corporation reported net income of 75000 net sales 750000 and weighted average shares outstanding of 7500.
tread accounts for the effect of a material accounting change prospectively when the inclusion of the cumulative effect
If you used a variation of one of the drain resistors to reduce the output offset to zero and thereby compensate for the uncertainties (including that of the other RD), what percentage change from nominal would you require?
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