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rogers co. had a sheet metal cutter that cost $144,000 on january 5th 2008. it has an estimated life of 10 years and salvage value of $24,000. on april 3rd 2013, the old cutter is exchanged for a new cutter with fair value of 72,000. the exchange lacked commerical substance. rogers also received 18,000 in cash. the last fiscal period ended on december 31, 2012 and straight line depreciation is used.
A) show the calculation of the amount of the gain or loss to be recognized by rogers.
B) prepare all entries that are necessary on april 3rd 2013.
Evaluate the material purchase price variance and the material quantity variance and evaluate the labor rate, labor efficiency, and total labor variance.
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Record the journal entries necessary on Crain's books for 2005 assuming that Crain uses the equity method to account for its investment in Downey.
Determine the standard cost per unit and determine material, labor, and overhead variances, List a possible cause for each variance.
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Explain the nature of the relationship between Szekelyi and Reznor. Did a privity relationship exist between these two? Why or why not?
Prepare all the required journal entries and find the type of fund in which each entry was recorded for the Government Wide Financial Statements.
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