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Mantle Co. exchanged a used machine with Maris Co. for a similar machine with less use. Mantle's old machine originally cost $50,000 and had accumulated depreciation of $40,000, as well as a market value of $40,000, at the time of exchange. Maris; old machine originally cost $60,000 and at the time of the exchange had a book value of $30,000 and a market value of $32,000. Maris gave Mantle $8,000 cash as part of the exchange. The exchange lacked commercial substance. Mantle should record the cost of the new machine.
a company has collected the following information regarding its cost of electricityimage1. based upon the above
Which of the following trade or business expenditures of Ajax Inc. are deductible on its current year tax return? If an expenditure is not deductible, explain why it is not a valid deduction.
dr. steve rosenthal has his own medical practice. he specializes in the treatment of diabetics. his staff consists of a
What will the price of this bond be if the interest is paid annually?
matrix company has a maintenance department that maintains the machines in departments a and b. next year department a
ai corporation issued 90210 shares of 20 par value cumulative 8 preferred stock on january 1 2007 for2527500. in
your firm uses return on assets roa to evaluate investment centers and is considering changing the valuation basis of
lancer charges manufacturing overhead to products by using a predetermined application rate computed on the basis of
under the effective-interest method of amortization interest expense each period can be calculated by multiplying thea
april 1 20x7 a pressing machine was sold for 71000. it originally cost 185000 and had a book value on december 31 20x6
Ruger has a profit margin of 16% based on revenues of $400,000 and an investment turnover is 2. What is the residual income when the cost of capital is 10%?
cordell inc. has an operating leverage of 3. sales are expected to increase by 9 next year. what is the expected change
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