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Resorts Ltd. has occupied its plant facility for 15 years, about one-third of its expected useful life. Although still very functional, numerous repairs have been required in recent months. Te accounts indicate the original cost of the plant building was $500. The entire inside of the plant was painted at a cost of $2; the old wooden rood was replaced with a new one at a cost of $45; and part of the plumbing system was upgraded at a cost of $25 due to a change in the manufacturing process used. The plan was closed down while the roof was replaced, but overhead and administrates costs of $10 continued to be incurred even though production was at a standstill. The original rod had been identified as a separate component of the building when it was constructed with a cost of $30 and a useful life of 20 years. No separate records were kept of the original cost of the plumbing or painting.
Prepare entries to record the recent repairs. (Considering IFRS, PP&E IAS No.16)
1. if a corporation purchases a lot and building and subsequently tears down the building and uses the property as a
Differential analysis involving opportunity costs On August 1, Matrix Stores Inc. is considering leasing a building and purchasing the necessary equipment to operate a retail store. Alternatively, the company could use the funds to invest in $150,000..
Indicate whether each situation would be included in the income statement in continuing operations (CO) or below continuing operation (BC), or if it would appear as an adjustment to retained earnings(RE). Use the format show below to answer requir..
Formal consolidated balance sheet and journal entries
Evaluate the operating income for every division if the transfer price is set at $9 per cord.
Banks Corporation purchased 400 shares of Herman Inc. common stock as an available-for-sale investment for $13,200. During the year, Herman paid a cash dividend of $3.25 per share. At year-end, Herman stock was selling for $34.50 per share. Prepare B..
Beatty, Weber, and Yu (2008) analyzed a sample of U. S. firms with debt covenants that required the firm to maintain a specified level of net worth. Almost two-thirds of these covenants contained income escalators, whereby the required level of net w..
Art Imaging Company was organized on April 1 of the current year. On April 2, Art Imaging Company prepaid $54,000 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. Journalize the two adjusting entries ..
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Calculate the NCI in Chye Ltd's operating profit after tax and Puay Ltd's share of consolidated profit after tax for the year to 30 June 20x4.
The U.S. government employs a large number of contractors throughout many different departments. Unfortunately, not all contractors are scrupulous when seeking reimbursement for costs incurred during their contract period. Your reading covered four e..
A company sold a piece of manufacturing equipment for $30,000 cash. The equipment had been listed on the balance sheet at a net book value of $25,000, so the company recorded a gain on sale of equipment of $5,000. Which of the following items would b..
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