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Irwin, Inc., constructed a machine at a total cost of $47 million. Construction was completed at the end of 2012 and the machine was placed in service at the beginning of 2013. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $3 million. At the beginning of 2016, Irwin decided to change to the straight-line method.
Ignoring income taxes, prepare the journal entry relating to the machine for 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
Drew and Emma formed the equal D&E Partnership on January 1 of the current year. Drew contributed $50,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $80,000. Emma contributed equipment with a fair market value o..
the times interest earned ratio is one measure used to assess the long-term debt ability of the firm. when computing
Leno Company manufactures toasters. For the first 8 months of 2014, the company reported the following operating results while operating at 75% of plant capacity.
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On January 1, 2011, an investor paid $299,000 for bonds with a face amount of $350,000. The stated rate of interest is 10% while the current market rate of interest is 12%. Using the effective interest method, how much interest income is recognize..
Compute the under- or over allocated manufacturing overhead for each department and for the Dover plant as a whole
1. in a competitive market the industry demand and supply curves are p 200 - .2qd and p 100 .3qs respectively.a. find
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Prepare all journal entries to account for income tax assuming recognition criteria are satisfied
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