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Accounting Expert Answers & Study Resources : Page 264

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21) What factor will not affect the estimated useful life of a definite lived intangible asset? A) Legal life of the asset. B) Productive capacity. C) Competitive pressures. D) Technological obsolescence. 22) What factor will not affect the estimated useful life of a definite lived intangible asset? A) Legal life of the asset. B) Technological obsolescence. C) Physical.

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  • 21) What factor will not affect the estimated useful life
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51) What factor(s) differentiate a held-to-maturity investment from a 'loan or receivable'? A) Whether the instrument is a debt, equity or derivative instrument. B) Whether the instrument has a set maturity date. C) The instrument does not trade in an active market. D) Whether fair value information is available for the instrument. 52) Fisher Corporation.

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  • 51) What factor(s) differentiate a held-to-maturity investment from a 'loan
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4) The following transactions occurred in fiscal 2011: •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 help purchase the.

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  • 4) The following transactions occurred in fiscal 2011: •Synthesize Inc. exchanged
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2) Super Control Group has the following investments: Transactions Net income of Investee for calendar 2012 Fair value at Dec 31, 2012 XYZ Corp • Purchased all of the outstanding shares on Mar 31 for $1,500,000. $1,000,000 $1,150,000 VWX Inc. • Purchased 80% for $1,000,000 Acquired joint control over the strategic, operating and investing decisions on January 1. 200,000 175,000 ABC Inc • Purchased.

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  • 2) Super Control Group has the following investments: Transactions Net income
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17) Accounting standards provide for a variety of different measurement bases for different types of financial assets. IFRS has six measurement bases, namely: •consolidation •fair value with changes through income •proportionate consolidation •fair value with changes through other comprehensive income •equity method •amortized cost Required: a. Explain why reporting entities should, on the one hand, use consolidation, proportionate.

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  • 17) Accounting standards provide for a variety of different measurement
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11) What costs should not be capitalized to 'equipment'? A) Non-refundable sales tax. B) Equipment purchase cost. C) Abnormal waste in testing. D) Equipment specific training. 12) How should $45,000 spent to obtain greater productive efficiency for a machine with a carrying value of $80,000 be accounted for? A) Capitalized, then depreciated during current and subsequent.

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  • 11) What costs should not be capitalized to 'equipment'? A) Non-refundable
  • Accounting
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16) Explain how the depreciation method should be selected for property, plant and equipment. 17) Explain the accounting purpose of 'depreciation.' Does depreciation represent the decline in value of an asset? 18) At December 31, 2012, the following data were available for a building owned by Omega Company: Building cost $700,000 Accumulated depreciation - building 525,000 Estimated.

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  • 16) Explain how the depreciation method should be selected for
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13) 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:   Requirement: Allocate the purchase price among the assets acquired. 14) Office Plus Company.

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  • 13) Forest Company paid $38,000,000 for a warehouse and related
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8.3   Comprehensive Problems 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.

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  • 8.3   Comprehensive Problems 1) Growth Industries incurred the following costs in
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7.3   Comprehensive Problems 1) Bountiful Corporation has the following investment portfolio at December 31, 2012: Management intentions Transactions Fair value @ Dec 31, 2012 Shares in Sherman Inc. Intend to trade frequently •Purchased 1,500 shares on Mar 31 for $1,500,000. •Purchased 50 shares for $60,000. •Dividends of $50/share were received on July 18. •Sold 10 shares on Sept 1 for.

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  • 7.3   Comprehensive Problems 1) Bountiful Corporation has the following investment portfolio
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41) Which statement is correct about a held-for-trading investment? A) The investment is recorded at fair value. B) Changes in fair value are recorded in OCI. C) The investment is recorded at amortized cost. D) The category cannot include debt instruments. 42) Fisher Corporation has the following investments at September 30, 2012: Historical cost Fair value Sept 30,.

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  • 41) Which statement correct about a held-for-trading investment? A) The investment
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