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On January 1, 2014, Offshore Corporation erected a drilling platform at a cost of $5,420,142. Offshore is legally required to dismantle and remove the platform at the end of its 6 year useful life, at an estimated cost of $943,065. Offshore estimates that 70% of the cost of dismantling and removing the platform is caused by acquiring the asset itself, and that the remaining 30% of the cost is caused by using the platform in production. The present value of the increase in asset retirement obligation related to the production of oil in 2014 and 2015 was $32,092 and $34,659, respectively. The estimated residual value of the drilling platform is zero, and Offshore uses straight-line depreciation. Offshore prepares financial statements in accordance with IFRS.
Prepare the journal entries to record the acquisition of the drilling platform, and the asset retirement obligation for the platform, on January 1, 2014. An appropriate interest or discount rate is 8%.
Prepare any journal entries required for the platform and the asset retirement obligation at December 31, 2014.
Create the schedule of expected collections from customers for match. Prepare a schedle of expected payments for direct materialsfor match.
Access the financial statements from the most recent annual report of a foreign company and a domestic company with which you are familiar to complete this assignment.
List three potential reasons for such a significant decline. What are three things Mark should consider doing to improve the ratio? How is the accounts receivable turnover ratio used and what does it measure?"
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How will the development above affect the accounting for Commonwealth Edison's bond issue?
Upstate Water Company just sold a bond with 50 warrants attached. The bonds have a 20-year maturity and an annual coupon of 12%, and they were issued at their $1,000 par value. The current yield on similar straight bonds is 15%. What is the implie..
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