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1. In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Bailey's 2010 journal entry to correct the error.
Note: For many of the Exercises 3.48-3.64, a computer and statistical software will be desirable and useful.
Brick's incremental borrowing rate is 10%,however it knows that Gold Star's implicit interest rate is 8%.What journal entry would Gold Star make at January 2,2011 assuming this is direct-financing lease?
assume a government leases equipment to obe used in governmental activities under a noncancelable lease meeting the
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Mike Szabo Company engaged in the following transactions during the month of December: December 2 Made credit sales of $4,000 (accepted accounts receivable).
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US Airlines receives an average of 500 calls per hour from customers who want to make reservations, where the times between calls follow an exponential distribution. It takes an average of three minutes to handle each call. Each customer who buys ..
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