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Corvette the leading car manufacturingcompany acquired a machine for Rs.125,000 on Jan 1, 2004: estimatedlife was 8 years. Depreciation is charged on straight line method.On Jan 1, 2009: the machine was revalued at Rs.70,000.Apart fromrecording revaluation entry, no other entries have beenpassed
Required:
1. Calculate the value of depreciation expense and pass journal entryin accordance with IAS-16
2. Calculate the value of revaluation surplus and pass journal entryin accordance with IAS-16
Calculate return on net operating assets for all three years. Identify reasons for any changes.
Make a brief response in which you outline some examples of accounting report criteria (regulatory environment, issues with foreign currency, differences in GAAP, etc.) employed by a U.S.
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At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold..
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