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Accounting Expert Answers & Study Resources : Page 150

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11) Based on the following information, what is the recoverable amount for the impairment test? Cost $750,000 Accumulated depreciation 530,000 Value in use (sum of discounted cash flows) 230,000 Fair value 240,000 Disposal costs 5,000 A) $220,000 B) $230,000 C) $235,000 D) $240,000 12) Based on the following information, what is the impairment amount to be recorded? Cost $750,000 Accumulated depreciation 530,000 Value in use (sum of discounted cash flows) 230,000 Fair.

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  • 11) Based the following information, what the recoverable amount for
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11) Soorya Resources incurred the following costs: Mine Site Costs incurred in exploration and evaluation Costs incurred in development Status at year-end Alpha 300,000 100,000 Producing @5% of reserves Beta 200,000 Abandoned Zeta 100,000 200,000 In development How much would be capitalized as "intangible assets" under the successful efforts method? A) $300,000 B) $400,000 C) $500,000 D) $600,000 12) GoodResources incurred the following costs: Mine Site Costs incurred in exploration and evaluation Costs incurred.

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  • 11) Soorya Resources incurred the following costs: Mine Site Costs incurred in
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35) Forest Company paid $38,000,000 for a warehouse and related assets from a company that was in bankruptcy. The warehouse includes land, building, moving equipment, and heating /ventilation/air conditioning (HVAC) system. An independent appraiser valued these items individually as follows:   Required: Allocate the purchase price among the assets acquired. 36) Office Plus Company.

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  • 35) Forest Company paid $38,000,000 for a warehouse and related
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9) Patent Corp., a publicly accountable entity, purchased a company with the following assets and liabilities for $100,000: Carrying value Fair value Cash 10,000 10,000 Inventories 18,000 17,000 Property, plant and equipment 12,000 10,000 Intangible assets 32,000 40,000 Accounts payable 15,000 15,000 Long-term liabilities 10,000 15,000 Equity 47,000 How much goodwill should be recorded? A) $47,000 B) $53,000 C) $70,000 D) $100,000 10) Growth Corp., a publicly accountable entity, purchased a company with the following assets and liabilities.

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  • 9) Patent Corp., a publicly accountable entity, purchased a company
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31) Wilson Inc wishes to use the revaluation model for this property: Before Revaluation Building Gross Value 120,000 Building Accumulated Depreciation 40,000 Net carrying value 80,000 The fair value for the property is $40,000. Using straight-line depreciation and assuming that the property has a remaining depreciable life of 5 years, how much would be booked to accumulated depreciation.

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  • 31) Wilson Inc wishes to use the revaluation model for
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21) Smith Inc wishes to use the revaluation model for this property: Before Revaluation Building Gross Value 120,000 Building Accumulated Depreciation 60,000 Net carrying value 60,000 The fair value for the property is $150,000. Assuming this is the first year of using the revaluation model, what amount would be booked to profit and loss if Smith chooses to.

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  • 21) Smith Inc wishes to use the revaluation model for
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20) Adam's Bikes produces specialized bicycle frames. The production process uses two machines, which together form a cash generating unit (CGU). The following information is relevant to the evaluation of impairment for these machines. Bending machine Welding machine Total CGU Net carrying value 550,000 450,000 1,000,000 Fair value less costs to sell 380,000 See requirement See requirement Value in use 950,000 Required: a. Assume that.

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  • 20) Adam's Bikes produces specialized bicycle frames. The production process
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1) Growth Industries incurred the following costs in fiscal 2011: Land and building   Land purchase $3,000,000 Dismantling of old building 50,000 Proceeds from selling parts of old building 10,000 Building materials, labour for construction of new building 2,000,000 Roof of new building 750,000 Heating and air conditioning system for new building 500,000 Directly attributable overhead during construction of new building 100,000 General and administrative costs incurred.

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  • 1) Growth Industries incurred the following costs in fiscal 2011: Land
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1) The following transactions occurred in fiscal 2012: • Synthesize Inc. exchanged machinery with Energize Corp. Synthesize's machinery Energize's machinery Cost 500,000 620,000 Accumulated depreciation 200,000 500,000 Fair value 350,000 Not known • Synthesize Inc. purchased equipment by signing a 5 year non-interest bearing note payable for $200,000. The implicit rate of interest was 5%. • Synthesize received a government grant of $10,000 to.

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  • 1) The following transactions occurred in fiscal 2012: • Synthesize Inc.
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11) Wilson Inc wishes to use the revaluation model for this property: Before Revaluation Building Gross Value 120,000 Building Accumulated Depreciation 40,000 Net carrying value 80,000 The fair value for the property is $20,000. What amount would be booked to the "accumulated depreciation" account if Wilson chooses to use the proportional method to record the revaluation? A) $0 B) $30,000.

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  • 11) Wilson Inc wishes to use the revaluation model for
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11) Which statement is not correct? A) Agricultural activity involves growth, degeneration and reproduction. B) Agricultural activity includes processing into the final product. C) Revenue recognition for agricultural produce is covered under the requirements of IAS 18. D) Inventory valuation for agricultural produce is covered under the requirements of IAS 2. 12) Which statement is.

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  • 11) Which statement not correct? A) Agricultural activity involves growth, degeneration
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1) What is "agricultural activity"? A) The harvested product of biological assets. B) A living animal or plant. C) The transformation of biological assets. D) Planting, harvesting and marketing produce. 2) Which of the following is correct with respect to the accounting for "investment properties"? A) Under ASPE, either the cost or fair value model may.

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  • 1) What "agricultural activity"? A) The harvested product of biological assets. B)
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4) The following transactions occurred in fiscal 2012: • Synthesize Inc. exchanged machinery with Energize Corp. Synthesize's machinery Energize's machinery Cost 500,000 620,000 Accumulated depreciation 200,000 500,000 Fair value 350,000 Not known • Synthesize Inc. purchased equipment by signing a 5 year non-interest bearing note payable for $200,000. The implicit rate of interest was 5%. • Synthesize received a government grant of $10,000 to.

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  • 4) The following transactions occurred in fiscal 2012: • Synthesize Inc.
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41) AccountingPro purchased equipment on January 1, 2009 for $275,000. The asset's useful life was estimated at 5 years or 10,000 units of output, with no residual value. The company has a December 31 year end. Additional Information Year Units of Output 2009 2,100 2010 2,000 2011 1,700 2012 2,300 2013 1,900 Assuming the company uses the units-of-production depreciation method, what is the depreciation.

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  • 41) AccountingPro purchased equipment January 1, 2009 for $275,000. The
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11) What is the meaning of "depreciation"? A) The systematic allocation of an asset's depreciable amount allocated in proportion to the productive capacity used. B) The systematic allocation of an asset's depreciable amount allocated evenly over the asset's estimated useful life. C) The systematic allocation of an asset's depreciable amount over its estimated.

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  • 11) What the meaning of "depreciation"? A) The systematic allocation of
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