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Construction of this equipment started on January 1, 2011 and was completed on January 1, 2012. Old Line borrowed $20.0 million denominated in US dollars on January 1, 2011 to finance construction of this equipment. The interest rate on this loan was 10%. Old Line made payments to the construction company of $10.0 million on January 1, 2011 and $10.0 million on July 1, 2011. Excess funds during this period were invested at a return of 6%. Old Line also incurred a $1.0 million exchange rate loss on other borrowings during 2011.
Required
a. Provide an analysis of the accounting for each fixed asset item using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition. The accounting issues include, but not limit to, capitalization of borrowing costs, impairment and its reversal, component depreciation, and fair value reporting.
b. Based on your analysis, determine how to best maximize the amount of net fixed assets.
what extent have you seen evidence that lead to determination the "fair value" of a business at acquisition date for 100 percent acquisitions?
Purpose entries for Bosio to record (a) its payments to Harper for the right to sublease the building space (b) its payment of the 2009 annual rent to the building owner, and (c) its payments for the office improvements.
Prepare the journal entry to record the acquisition of the assets.
explain and Identify the reason for any two of the five components of internal control and provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices..
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Jesse has come to you for advice so provide him with professional memo on the issue, based on the IRC. Use proper tax language and IRAC form - issues, analysis conclusion, rules.
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A bank finds that its assets are not matched with its liabilities. It is taking floating-rate deposits and making fixed-rate loans. Explain how can swaps be used to offset the risk?
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