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On january 1, 2008, line corporation acquired all of the common stock of staff company for 300,000 on the date, staff's identifiable assets had a fair value of 250,000. the assets acquired in the purchase of the staff are considered to be separate reporting unit of line corporation. the carrying value of staff's investment at december 31, 2008, is 310,000. the fair value of the net assets ( excluding goodwill) at the date is 220,000 and the fair value of the reporting unit is determined to be 260,000.
Required: 1) explain how goodwill is tested for impairment for a reporting unit. 2) determine the amount, if any, of impairment loss to be recognized at december 31, 2008.
Flores Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks on the topic of corporation accounting.
Discuss the nature of preventive controls that may be designed into an AIS. Give an example and explain how it may prevent fraud or abuse of the system.
The company expects to incur $56,400 of total inspecting costs this year. How much of the inspecting costs should be allocated to the Beginner model using ABC costing?
Please allocate the costs and advise, what is the taxable income for year 1 and 2, noting there are no other expenses outside the allocation of costs.
Consider the recording of journal entries related to common, preferred, and treasury stock. How does the record-keeping of these entries relate to business?
Griggs Company holds $50,000 of 8% bonds as a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the semiannual interest payment.
Upper Darby Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $150,000.
What is" balance sheet exposure". When converting a balance sheet from one currency to another currency what rate do we use? Are all balance sheet accounts adjusted as of the balance sheet date?
Write down the difference between a contango market and a backwardation market. What exactly is meant by a basis?
What are the differences between substantive tests of transactions and tests of details of balances?
Compute a common-size analysis in Excel and discuss the differences between the two corporations.
Assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
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