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On August 1, Gold Company exchanged a machine for a similar machine owned by Cowboy Company and also received $7,000 cash from Cowboy Company.Gold's machine had an original cost of $70,000, accumulated depreciation to date of $34,500, and a fair market value of $60,000. Cowboy's machine had a book value of $45,000 and a fair value of $53,000.
Required:
Prepare the necessary journal entry by Gold Company to record this transaction assuming
a. Gold will use the newly acquired machine in the same manner as the old one.b. Gold's use of the new machine will be substantially different from the old one.
Bob has 2,000,000 of shoes in stock that cost $12 per pair. You are also able to determine the following amounts: Calculate the value of the inventory under both IFRS and US GAAP.
On April 1, 2007, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years and will have no residual value. M records depreciation expense of $9,000 for the calendar year end..
question power switch inc had a flood distroy its accounting records and inventroynumbers givennbsp1st quarter
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Analyze the above information and prepare an income statement for the year 2012, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement.
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