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Question - On December 31, 20x1, ABC committed to a plan to sell its building at its current condition. It expects that the sale will occur within 1 year after the end of the current reporting period. The building has a carrying amount of P12,000,000, accumulated Depreciation of P2,000,000 and remaining useful life of 5 years. The Building has a fair value and costs to sell at the end of each year as follows:
Fair Value Costs to Sell
20x1 8,000,000 200,000
20x2 7,500,000 200,000
20x3 9,000,000 300,000
The asset was sold in 20x4.
Required - Provide the journal entries from Dec 31, 20x1 to Dec 31, 20x4.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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