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On January 2, 2015, Jatson Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $90,000 with an estimated residual value of $6,000.
1. Prepare a complete depreciation table under the straight-line method. Assume that a full year of depreciation was taken in 2015.
2. Prepare a complete depreciation table under the 200 percent declining-balance method. Assume that a full year of depreciation was taken in 2015. (Round your final answers to the nearest whole number.)
3. Prepare a complete depreciation table under the 150 percent declining-balance with a switch to straight-line when it will maximize depreciation expense. Assume that a full year of depreciation was taken in 2015. (Round your final answers to the nearest whole number.)
Pace Company owns 85% of the outstanding common stock of Sand Company and all the outstanding common stock of Star Company. Prepare in general journal form the work paper entries necessary to eliminate intercompany sales and intercompany profit in th..
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Hugh owns 90% of Quartz Corporation, and Stacy owns the other 10%. In exchange for all of the Quartz stock, Hugh receives 1,000 shares of Turquoise Corporation common stock (value $20,000), and Stacy receives 50 shares of Turquoise preferred (value $..
On January 1, Mojo Company purchased a new machine for $100,000 to be depreciated over 5 years. It will have no salvage value at the end of its useful life. For both book and tax purposes, depreciation will be $20,000 per year.
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Calculate Monaco accounts receivable turnover ratio for the year. The company does not believe it will have any bad debts. Use the turnover ratio computed in (b) to analyze Monaco’s liquidity. The turnover ratio last yearwas 8.0.
Frazer Corporation purchased 60 percent of Minnow Corporation's voting common stock on January 1, 20X1, at an underlying book value.
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