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Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four independent situations relating to the acquisition of the equipment. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) A. The equipment was purchased on account for $25,000. Credit terms were 2/10, n/30. Payment was made within the discount period and the company records the purchases of equipment net of discounts. B. Connors gave the seller a noninterest-bearing note. The note required payment of $27,000 one year from date of purchase. The fair value of the equipment is not determinable. An interest rate of 10% properly reflects the time value of money in this situation. C. Connors traded in old equipment that had a book value of $6,000 (original cost of $14,000 and accumulated depreciation of $8,000) and paid cash of $22,000. The old equipment had a fair value of $2,500 on the date of the exchange. The exchange has commercial substance. D. Connors issued 1,000 shares of its nopar common stock in exchange for the equipment. The market value of the common stock was not determinable. The equipment could have been purchased for $24,000 in cash.
Prksh answered the following question: In February 1, 2007, York Contractors agreed to construct a building at a contract price of $6,000,000.
the costofan intangileasset with a infitsuseful life is amortizaed intangibles typically have no residual values so the
The information below relates to Milton Company's trading securities in 2010 and 2011. (a) Prepare the journal entries for the following transactions.
a. How much gain does Kyle recognize on his exchange? What is the basis to Kyle of his 1,000 shares? b. How much gain does Bob recognize on his exchange? What is the basis to Bob of his 100 shares?
Which approach do you favor from (1) a customer's perspective and (2) management's perspective? Explain.
What payments must Zach Taylor make to settle the loan at the interest rate of 11%, but with the 6 payments beginning on the day the loan is signed?
There was no beginning inventory at 1/1/09. Production was 20 units per year in 2009-2011. Sales was 20 units in 2009, 16 units in 2010, and 24 units in 2011. Income under absorption costing for 2010 is:
Warner Company issued $800,00 of 6%, 10-year bonds on one of its interest dates for $690,960 to uield an effective annual rate of 8%. The effective-interest method of amortization is to be used. What amount of discount (to the nearest dollar) shou..
heartland paper company is considering the purchase of a new high-speed cutting machine. tow cutting machine
The following facts apply to TinyPart Toy Company's pending litigation as of December 31, 2011:
Not all benefits have monetary value. Companies are in business to make money, therefore the benefits should generate revenues whether directly or indirectly. As CFO of a company, what technical analysis would you do to determine the cost/benefit ..
The spectrometer would have no effect on revenues, but it is expected to save the firm $25,000 per year in before-tax operating costs, mainly labor. The firm's marginal federal-plus-state tax rate is 40%.
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