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Question - As of Dec 31, 2013, Mistletoe Corp. has a patent with a carrying value of $100,000. The original cost was $250,000 and the accumulated amortization is $150,000. Mistle toe has elected a policy of revaluing all intangibles.
The patent has a remaining life of 8 years as of January 1, 2014. As of Dec 31, 2014, the fair value of the patent was $140,000.
Due to changes in technology, as of Dec 31,2015, the fair value of the patent was $50,000.
Using IFRS provide any journal entries that relate to the patent for all the years ended Dec 31, 2014 and 2015. Assume zero salvage value for the patent at the end of its life.
houston-based advanced electronics manufactures audio speakers for desktop computers. the following data relates to the
Assume Piedmont Corporation purchased a 30% interest in Savage Company for $201,000 on January 1, 2014. Assuming this investment gives Piedmont the ability to exercise significant influence over Savage, prepare all necessary journal entries to rec..
melissa recently paid 775 for round-trip airfare to san francisco to attend a business conference for three days.
Which of the following product-costing systems is/are required for tax purposes? Consider the following comments about absorption- and variable-costing income statements.
The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours.
It declared and paid a dividend of $21,000 as a cash dividend. In 2010, the company recorded and adjustment of $10,000 due to the understatement (from a math error) of 2009 depreciation. Prepare a retained earnings statement for the year ending De..
find the following a material cost variance b material price variance 1 at the point of consumption 2 at the point of
the following information is available for remmers corporation for 2010. a. depreciation reported on the tax return
Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used. Prepare all necessary journal entries for 2012
hammond company adopted lifo when it was formed on january 1 2011. since then the company has had the following
give four examples of overhead expenses which may be common infactory overheads as well as in administrative overheads
Also assume that a U.S. exporter denominates its Swiss exports in Swiss francs and expects to receive SF600,000 in 1 year. Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the fi..
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